Reported 2 days ago
KBW has initiated coverage of the newly public crypto exchange Gemini Space Station (GEMI) with a market perform rating and a $27 price target, highlighting its potential for long-term growth despite current unprofitability. The bank noted Gemini's diverse ecosystem and its credit card business as key growth areas, while also emphasizing the company's strong insider ownership and unified app as stability factors. However, due to elevated market risks, a discounted valuation in comparison to Coinbase is seen as necessary. Overall, KBW forecasts significant revenue growth and expects Gemini to achieve profitability by late 2027.
Source: YAHOO