Gemini initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Gemini (GEMI) with an Equal Weight rating and $29 price target Crypto-native exchange has a unique customer acquisition funnel that’s “attractively positioned to benefit” from wider crypto adoption and regulatory clarity, but the firm cites the company’s skew to retail crypto trading, a lack of profitability and aggressive spending to fuel growth for its Equal Weight rating as it sees these factors setting up a “wide range of outcomes.”