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Bernstein reaffirmed its Outperform rating on Circle with a $190 price target even as the debut of OUSD — described as a new stablecoin rival to Circle — sent CRCL shares down more than 17%.
The bank is holding its ground, citing 203% upside from the post-selloff level, a call that puts it directly against the market's swift verdict on what a new competitor means for Circle's position.
What the Selloff Is Saying A drop of more than 17% on a competitor's launch is not noise.
It is investors making a fast judgment that OUSD poses a credible threat to Circle, not a peripheral entrant that can be safely ignored.
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