Shares of Circle Internet Corp. (CRCL) soared 5.14% during intraday trading on Tuesday, as investors reacted to new bullish analyst coverage and rising optimism ahead of the company’s upcoming second-quarter earnings report.

The rally was fueled by TD Cowen’s initiation of coverage on the stock with a “Buy” rating and an $82 price target, a move that analysts described as highlighting a “compelling combination” of growth and diversification. The stock, which has a consensus “Buy” rating and an average price target of $120, implying a near 99% upside, has been under significant pressure year-to-date, plunging nearly 24%—making the positive analyst note a likely catalyst for the sharp rebound.

Circle is scheduled to report its Q2 earnings before the market opens on Wednesday, with expectations of a strong turnaround. Analysts are forecasting earnings per share of $0.19, compared to a loss of $0.43 in the same quarter last year, and revenue of $734.7 million, up 11% year-over-year. The anticipation of another potential earnings beat, combined with the bullish analyst sentiment, appears to be driving the current upward momentum.