Circle initiated with an Outperform at Bernstein

Bernstein initiated coverage of Circle (CRCL) with an Outperform rating and $230 price target Circle is building a market-leading digital dollar stablecoin network, with a “hard to replicate” regulatory edge, liquidity headstart and “marquee distribution partnerships,” the analyst tells investors. Over the long term, the firm expects stablecoins to evolve from “money-rail of crypto markets to money-rail of the internet” and views Circle as “an investor must-hold” to participate in the new internet-scale financial system built for the next decade, the analyst added.