Crypto exchange Gemini (GEMI) is still a waiting game, Wall Street bank Citigroup said.
Led by analyst Peter Christiansen, the bank’s analyst team reiterated its neutral and high-risk call on GEMI, while the price target was trimmed to $23 from $26. GEMI is higher by 5.5% on Friday to $20.60.
While Gemini’s marketing push has been impressive, particularly around the Gemini card and its app downloads, Christiansen said, the impact on the exchange’s 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. This is disappointing given the hype surrounding the XRP co-branded card that was launched prior to Gemini’s IPO.
The new price target still implies a 45% discount to Coinbase’s (COIN) projected 2027 enterprise value-to-sales ratio.
Bullish PT lifted
Citing accelerating momentum following Bullish’s ( BLSH ) New York BitLicense approval and expanding institutional access, Christiansen and team raised their price target on the company’s stock to $77 from $70. That implies almost 40% upside from the current price of $55.62.
The bank reaffirmed its buy/high risk rating, noting its bullish position at the forefront of the next wave of crypto adoption as regulatory clarity improves for traditional financial players.
Bullish owns CoinDesk.
Read more: Crypto Exchange Gemini Launches Solana-Themed Credit Card With Automatic Rewards
