Crypto Exchange Gemini Gets Price Target Cut at Citi, While Bullish Earns Hike
Crypto exchange Gemini (GEMI) is still a waiting game, said Wall Street bank Citigroup.
Led by analyst Peter Christiansen, the bank’s analyst team reiterated its neutral and high-risk call on GEMI, while trimming the price target 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, said Christiansen, the impact on the exchange’s user base and engagement will likely take longer to materialize.
Early data from October points to trading volumes that are only marginally above September and weaker than July or August, he continued. That’s disappointing given the hype surrounding the XRP co-branded card that…
