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 view on GEMI, while reducing the price target from $26 to $23. GEMI is up 5.5% Friday at $20.60.
While Gemini’s marketing efforts have 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 for October shows trading volumes slightly higher than September and lower than July or August, he continued. This is disappointing considering the hype surrounding the XRP co-branded card launched ahead of Gemini’s IPO.
The new price target still implies a 45% reduction from Coinbase’s (COIN) expected company value-to-sales ratio for 2027.
Bullish PT lifted
Citing accelerating momentum following the approval of Bullish’s (BLSH) BitLicense New York and broadening institutional access, Christiansen and his team raised their price target on the company’s stock from $70 to $77. This implies an upside of almost 40% from the current price of $55.62.
The bank reaffirmed its 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.
Learn more: Crypto Exchange Gemini Launches Solana-Themed Credit Card With Auto-Stake Rewards
