Cryptocurrency exchange Gemini (GEMI) remains a waiting game, Wall Street bank Citigroup said.
Led by analyst Peter Christiansen, the bank’s analyst team reiterated its neutral, high-risk stance on GEMI, while cutting the price target to $23 from $26. GEMI rose 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 for October points to trading volumes that are only marginally higher than those of September and weaker than those of July or August, he continued. This is disappointing given the hype surrounding the XRP co-branded card that launched ahead of Gemini’s IPO.
The new price target still implies a 45% discount to Coinbase’s (COIN) expected enterprise value-to-sales ratio for 2027.
Bullish PT lifted
Citing accelerated momentum following the approval of Bullish’s (BLSH) New York BitLicense and expanded institutional access, Christiansen and his team raised their price target on the company’s shares to $77 from $70. That implies almost a 40% advantage over the current price of $55.62.
The bank reaffirmed its buy/high risk rating, highlighting Bullish’s position at the forefront of the next wave of cryptocurrency 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-Stake Rewards
