Gemini downgraded to Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald downgraded Gemini (GEMI) to Neutral from Overweight with a price target of $8, down from $14. The recent layoffs, C-suite departures, and broader crypto market weakness make it difficult to be positive on shares at current levels, the analyst tells investors in a research note. While the actions the company has taken suggest that Cameron Winklevoss will take more control over the company’s direction, there is a lot working against Gemini, the firm argues.