Gemini price target lowered to $25 from $37 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Gemini (GEMI) to $25 from $37 and keeps an Overweight rating on the shares. Shares have traded lower following the print due to concerns on the expense front, the analyst tells investors in a research note. The firm’s long-term view on what Gemini can be remains unchanged despite volatile crypto volumes, and Cantor believes that elevated marketing spend will result in material trading volume growth over the next few years, helping Gemini approach profitability, though near-term losses may be greater than what the firm previously expected.