Crypto Exchange Gemini (Gemi) is still waiting, Wall Street Bank Citigroup said.
Led by analyst Peter Christiansen, the bank’s analyst team has again returned to a neutral and high-risk call on Gemi, while lowering the target price to $ 23 from $ 26. Gemi was higher by 5.5% on Friday to $ 20.60.
While Gemini’s marketing push has been impressive, especially around the Gemini card and its app downloads, Christiansen said, the impact on the user base and engagement will likely take longer to materialize.
Early data from October points to trading volumes only marginally above September and weaker than July or August, he continued. That failed because of the hype surrounding the XRP co-branded card that was launched in advance of Gemini’s IPO.
The new price target still implies a 45% discount to Coinbase’s expected 2027 price-to-sales ratio.
Bullish PT raised
Accelerating momentum is mentioned following Bullish’s (BLSH) New York Bitlicense Approval and expanding institutional access, Christiansen and team raised their target price on the company’s stock to $77 from $70. That implies a nearly 40% upside from the current price of $55.62.
The bank confirmed the buy/high risk rating, noting Bullish’s position at the forefront of the next wave of crypto adoption as regulatory clarity improves for traditional financial players.
Bullish is the owner of Coindesk.
Read more: Crypto Exchange Gemini launches Solana themed credit card with auto-staking rewards
