Bernstein rates Circle as "Outperform" with a target price of $190

On February 26, Bernstein stated that Circle is now a fintech infrastructure provider rather than an “investment target” for crypto assets. Circle’s Q4 financial report showed that its 2025 revenue surged 77% to $770 million. For Circle CEO Jeremy Allaire, this is just the beginning of the impact of artificial intelligence and blockchain technology on the global economy. He said, “We are in the early stages of a profound and fundamental transformation of the global economic system. Our global economy will not only become more internet-native but also more automated.” Bernstein believes that Circle will play a key role in this transition, reaffirming its “outperform” rating and a $190 target price, implying a 129% upside, and noting that Circle is evolving into a core internet infrastructure. Analyst Gautum Chhugani and three colleagues described Circle’s Q4 performance as “significantly differentiated from the crypto market.”