贝恩斯坦维持Circle跑赢大盘评级，目标价140美元

Odaily News: Bernstein reiterates its "Outperform" rating on Circle with a price target of $140, citing Q2 earnings data that refutes market concerns over competitive pressures and declining reserve income. Analysts suggest the market may be underestimating Circle's distribution capabilities, regulatory position, and the additional revenue streams brought by its Layer 1 network, Arc.