Mizuho lowered the firm’s price target on Gemini (GEMI) to $26 from $30 and keeps an Outperform rating on the shares. To reflect softening crypto trading activity in Q4, the firm reduced Gemini’s volume assumptions for the quarter. After a “strong” Q3, the markets have been volatile Q4, driven by a risk-off shift that dampened spot trading volumes broadly, the analyst tells investors in a research note. Despite near-term headwinds, Mizuho remains constructive on Gemini’s outlook, citing positive developments on the product, regulatory, and competitive fronts.
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