Gemini price target lowered to $11.50 from $26 at Rosenblatt

Rosenblatt analyst Chris Brendler lowered the firm’s price target on Gemini (GEMI) to $11.50 from $26 and keeps a Buy rating on the shares. Gemini is “now in full restructuring mode” just five months after “what at the time felt like a successful IPO,” the analyst tells investors. Although the firm’s estimates for both revenue and adjusted EBITDA fall with the tougher market conditions, the stock is already down nearly 80% from the IPO and highly levered to a crypto rebound, says the analyst while reiterating a Buy rating.