CRCL Beaten Down To $85, But Bernstein Analysts Laud USDC’s ‘Prime Network’ Advantage

Posted On November 13, 2025

Circle Internet Group (NYSE:CRCL) is down to $85 despite beating earnings estimates and posting record third-quarter results.

Analysts at Bernstein said Circle remains fundamentally strong, calling the recent stock weakness “a narrative battle against the bears.”

They reaffirmed an outperform rating and a $230 price target, implying 167% upside from current levels.

Circle reported $740 million in revenue and $166 million in adjusted EBITDA, topping estimates by 5% and 26%, respectively.

Net income jumped 202% year over year to $214 million as USDC circulation reached $73.7 billion, up 20% quarter over quarter.

Reserve income climbed 12% to …