Circle Internet Group (NYSE:CRCL) received a bullish reiteration from Bernstein, which maintained its Outperform rating and $190 price target, implying 44% upside from current levels.

Why Bernstein Remains Bullish

In a Tuesday note, Bernstein cited strong USDC (CRYPTO: USDC) growth and the $222 million ARC token presale helping offset pressure from declining interest income.

Analysts said Circle’s reserve income declined 11% quarter-over-quarter due to lower interest rates, contributing to first-quarter revenue of $694 million, which missed estimates by about 4%.

However, adjusted EBITDA reached $151 million, topping consensus estimates by roughly 10%, supported by stable operating costs and…

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