Bernstein Maintains $190 Price Target for Circle Amid ARC Token Presale

According to ME News, on May 12 (UTC+8), research firm Bernstein maintained its “Outperform” rating and $190 price target for Circle. Circle’s adjusted EBITDA for the first quarter came in at $151 million, approximately 10% above market expectations, but revenue of $694 million was about 4% below forecasts, primarily due to an 11% quarter-over-quarter decline in reserve yields caused by lower interest rates. Bernstein noted that Circle’s $222 million ARC token pre-sale, conducted at a fully diluted valuation of approximately $3 billion, provided a buffer against the decline in reserve yields. USDC supply increased to $77 billion in the first quarter, up 28% year-over-year and 2% quarter-over-quarter, with on-chain balances reaching $13.7 billion, accounting for roughly 18% of total supply. Circle’s payment network recorded annualized transaction volumes nearing $10 billion, integrated with 136 financial institutions, and established partnerships with companies such as Meta, DoorDash, and Kyriba. Bernstein expects USDC supply to maintain a compound annual growth rate of approximately 40%, with ARC pre-sale proceeds to be recognized as other income upon token delivery. (Source: PANews)