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Investing.com -- Analysts at Truist and Mizuho initiated coverage on Gemini Space Station, saying the newly listed cryptocurrency platform offers investors a cheaper way to bet on increasing digital asset adoption and U.S. exchange market share gains.
Truist started Gemini with a Buy rating and $31 price target, calling it a smaller version of Coinbase that could deliver a 53% compound annual revenue growth rate from 2024 to 2027.
Investors who feel they “missed the boat” on Coinbase and Robinhood should “kick the tires on Gemini,” said analysts at Truist, given its mix of exchange, brokerage, custody and credit-card businesses.
Mizuho also began coverage with an Outperform rating and a $30 target, saying Gemini benefits from the early stages of crypto adoption, particularly among younger users.
Gemini’s “compliance-first” approach and rapid user growth in its crypto rewards credit card, which converts half of cardholders into exchange customers.
Both firms see Gemini’s newer products, including staking and its credit card, as key growth drivers alongside improving market share in U.S. crypto trading.
Mizuho projects Gemini’s exchange revenue to grow about 46% annually through 2027 and said international expansion in Europe and Asia could add further upside.
Though analysts also say Gemini remains unprofitable and is likely to stay volatile as it invests to scale up and regain credibility after past lending losses tied to the FTX collapse.
But the stock trades at a discount to peers, around seven to eight times 2027 estimated revenue versus 10 to 25 times for Coinbase and Robinhood, which analysts say makes the entry point attractive for growth-focused investors.