Goldman Sachs lowered the firm’s price target on Gemini (GEMI) to $22 from $25 and keeps a Neutral rating on the shares. Gemini’s adjusted EPS was far below expectations, as higher operating expenses outweighed stronger revenue and gross profit, the analyst tells investors in a research note. Guidance for 2025 also pointed to slightly lower services revenue and continued spending, while weaker crypto market conditions may further weigh on asset-related income, the firm argues.
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