Circle stock gets $140 target after mixed Q2 results

Circle stock gained on Thursday after Bernstein reiterated its Outperform rating and $140 target, arguing that the stablecoin issuer’s mixed second-quarter results challenged the bearish case against the company. Summary Circle generated $701 million in Q2 revenue, up 7% but about 2% below estimates. Bernstein’s $140 target implies roughly 114% upside from CRCL’s latest price. USDC circulation reached $73.3 billion, up 19% year over year but down 5% quarterly. Circle expects the Arc public mainnet to launch Sept. 16 with 11 institutional validators. Bernstein argues Circle’s results challenge bears Bernstein analysts led by Gautam Chhugani described Circle’s second-quarter report as a “counter thesis to the bears,” according to a Thursday note to clients. The brokerage retained its Outperform rating and $140 price target. The target is more than double Circle’s Thursday price of $65.29, although Bernstein had previously lowered it from $190 in late July. 🟢 Circle’s Q2 numbers answered the bear case, Bernstein says.It reiterated Outperform and a $140 target on $CRCL, saying markets undervalue its reach, regulatory lead and Arc.The thesis: Circle is becoming infrastructure, not just ...