Circle Internet (CRCL) Price Targets Raised by Four Analysts After Q4 Results

TLDR

• Circle Internet (CRCL) stock briefly hit $90 before settling around $87, following a ~30% post-earnings surge on Wednesday
• Q4 2025 EPS came in at $0.43, beating the $0.35 forecast; revenue hit $770 million, up 77% year-over-year
• Bernstein kept its Outperform rating and $190 price target, calling results a “clear divergence from crypto”
• Mizuho raised its target to $90 from $77 but held a Neutral rating, flagging interest-rate cuts as a potential headwind
• William Blair and Clear Street also issued positive notes; Clear Street raised its target to $92 from $85

Circle Internet Group stock climbed above $90 briefly on Thursday before settling near $87.

Circle Internet Group, CRCL

That came a day after the stock surged roughly 30% following a strong fourth-quarter earnings report.

Q4 Numbers

Circle posted Q4 2025 EPS of $0.43, beating the $0.35 forecast by about 23%. Revenue came in at $770 million, up 77% year-over-year.

The results drew attention from several Wall Street analysts, each with a slightly different take on what happens next.

Bernstein reiterated its Outperform rating and kept its $190 price target. The firm described the quarter as a “clear divergence from crypto,” pointing to stronger transaction revenue and growing blockchain rewards from Circle’s role as a super validator on the Canton network.

One number Bernstein flagged: USDC held directly on Circle’s platform rose to 17% of total supply in Q4, up from 14% the prior quarter.

Circle also said it expects USDC in circulation to compound at 40% annually, with other revenue growing to as much as $170 million in 2026, up from $110 million in 2025.

Analyst Views Split on Upside

Mizuho analysts Dan Dolev and Alexander Jenkins raised their price target to $90 from $77 but kept a Neutral rating.

They pointed to prediction markets like Polymarket as a “visible, scaled USDC use case,” generating high transaction volumes that support both revenue and reserve balances. Management cited Polymarket as a meaningful contributor to recent USDC growth.

Mizuho also noted that “agentic AI” — autonomous software agents using internet-native money — could be a longer-term driver of USDC demand, though current volumes are small.

The firm warned, though, that potential interest-rate cuts remain a headwind. Reserve income still makes up the bulk of Circle’s revenue, so any rate reduction would pressure that line.

Other Analysts Weigh In

William Blair reiterated an Outperform rating and said long-term investors should consider building positions.

The firm sees USDC emerging as the dominant commerce-focused stablecoin, backed by 100% fiat reserves, regulatory compliance, and network effects. William Blair cited a roughly $20 trillion cross-border B2B payment market as the long-term opportunity, though it acknowledged that visibility to full commercialization remains low.

Analysts are forecasting 62% revenue growth for Circle in the current year.

Clear Street raised its price target to $92 from $85 while keeping a Hold rating, citing improved fundamentals after the “strong” quarterly results.

Circle currently trades at around $81.88 with a market cap of $14.45 billion, though the stock is still down about 51% over the past six months.

The company holds more cash than debt on its balance sheet, according to InvestingPro data.

Circle’s Arc product, the Circle Payments Network, and new agentic payments capabilities were all cited by Bernstein as areas of product expansion going into 2026.

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