Bernstein sees 129% upside for Circle stock

Bernstein has assigned an outperform rating to USDC issuer Circle, setting a price target of $190, DL News reported. This represents a potential upside of 129% from its current stock price. The rating follows Circle's reported revenue of $770 million in the fourth quarter of last year. However, Bernstein noted that Circle's performance could be sensitive to interest rate cuts, as 99% of its revenue is tied to interest income. The firm also highlighted the risk of intensified competition, suggesting that greater regulatory clarity could lead to more banks and large payment companies entering the market.