Citi analyst Peter Christiansen downgraded Gemini (GEMI) to Sell from Neutral with a price target of $5.50, down from $13. The firm says legislative momentum for the CLARITY Act is “stalled” as key items continued to be debated. Citi cites profitability concerns, cyclical challenges and Gemini’s “significant” restructuring for the downgrade to Sell. The company will be challenged to ramp profitability in the current crypto environments, the analyst tells investors in a research note.
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