Citi Cuts Gemini Price Target, Bullish Sees Upgrade Amid Crypto Momentum
Citigroup downgraded Gemini (GEMI), lowering its price target to $23 from $26 while maintaining a neutral, high-risk rating, even as shares gained 5.5% to $20.60 on Friday. Analyst Peter Christiansen highlighted that despite strong marketing campaigns, including the Gemini Card and app downloads, trading volumes have shown limited growth. Early October data indicate only marginal improvement over September and softer activity than July or August, despite the hype surrounding the XRP co-branded card launched ahead of Gemini’s IPO. The revised target implies a 45% discount to Coinbase’s projected 2027 enterprise value-to-sales ratio.
Meanwhile, Bullish (BLSH) is seeing accelerating momentum. Citi raised its price target to $77 from $70, indicating nearly 40% upside from its current $55.62, following the platform’s New York BitLicense approval and expanding institutional adoption. The bank reaffirmed its buy/high-risk rating, citing Bullish’s strategic positioning at the forefront of the next wave of crypto adoption as regulatory clarity improves.
Bullish is also the parent company of CoinDesk, reinforcing its influence in the crypto ecosystem.
