Bernstein Starts Circle at Outperform With $140 Price Target on Continued USDC Growth
Minseung Kang
Summary
- Bernstein assigned Circle an outperform rating and a $140 price target.
- Bernstein said USDC supply rose by $1.7 billion over the past week and its market share is expanding.
- Bernstein said the trend shows Circle's business growth is still strengthening.
Forecast Trend Report by Period
Bernstein initiated coverage of Circle, the issuer of the USDC stablecoin, with an outperform rating and a $140 price target.
BlockBeats reported on Aug. 24 that Bernstein analysts said Circle's current growth does not depend on progress in US stablecoin legislation under the Clarity Act.
Bernstein highlighted a $1.7 billion increase in USDC supply over the past week. USDC's market share of stablecoin transaction volume also continues to expand.
The firm said the trend shows Circle's business growth is still strengthening.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.