Wall Street raised targets for Riot Platforms and Robinhood but cut forecasts for IREN, Bullish, and Gemini.
- B. Riley raised its Riot Platforms price target to $33 from $28, but cut its IREN target to $91 from $96, maintaining a ‘Buy’ rating for both.
- Bullish and Gemini received sharp price-target cuts from Keefe Bruyette, which flagged concerns around tokenization, market share and profitability.
- Keefe Bruyette raised its Robinhood target to $115 from $100, citing stronger-than-expected quarter-to-date trading volumes across equities, options and crypto.
Crypto-linked stocks moved higher in morning trade Tuesday as Bitcoin (BTC) reclaimed $84,000, giving digital-asset equities a lift despite mixed analyst calls across the sector.
Bitcoin’s price rose about 1.2% over the past 24 hours, moving back above $84,000 and helping lift broader crypto-related stocks. On Stocktwits, retail sentiment around the apex cryptocurrency fell to ‘bearish’ from ‘neutral’ territory over the past day.
B. Riley Raises Riot Target, Cuts IREN Forecast
B. Riley raised its price target on the Riot Platform (RIOT) to $33 from $28 while maintaining a ‘Buy’ rating. RIOT stock gained 2.2% in morning trade, and retail sentiment on Stocktwits around the Bitcoin miner, now gearing up to be a data center infrastructure provider, remained in ‘bearish’ territory over the past day.
The firm said the digital mining and high-performance computing group has fallen 34% since June 22, compared with a 6.2% decline for the Russell 2000. The firm cited regulatory uncertainty, higher yields and slower leasing activity as factors weighing on valuations.
It added that companies with near-term revenue opportunities could benefit from execution, while more pipeline-dependent names remain reliant on new lease announcements.
B. Riley took the opposite action on IREN (IREN), cutting its price target to $91 from $96 while maintaining a ‘Buy’ rating. IREN stock gained about 1% in morning trade, but sentiment dropped to ‘extremely bearish’ from ‘bearish’ territory over the past day.
Bullish, Gemini Face Steeper Target Cuts
Bullish (BLSH) and Gemini (GEMI) both gained in early morning trade despite the price target cuts from Keefe Bruyette. The firm cut its price target on BLSH to $40 from $55, and slashed its outlook on Gemini to $5.50 from $27. It maintained a ‘Market Perform’ rating for both.
BLSH stock climbed 1.5% in morning trade, while GEMI stock rallied more than 3%. On Stocktwits, retail sentiment around Bullish dipped to ‘bearish’ from ‘neutral’ territory over the past day. Sentiment around Gemini remained in the ‘bearish’ zone.
Keefe Bruyette said Bullish's pending acquisition of Equiniti shifts the investment thesis toward the combined company, but questioned whether the $4.14 billion purchase price can be justified given limited tokenized-equity monetization, uncertain market structure and low adoption of Bullish's issuer-sponsored model.
The firm described Gemini as a competitively disadvantaged exchange with declining market share, while noting that its credit card could reach profitability in late 2026 or 2027 but would remain a modest earnings contributor.
Meanwhile, Robinhood received a more constructive analyst update. Keefe Bruyette raised its price target to $115 from $100 and maintained a ‘Market Perform’ rating, citing stronger-than-expected quarter-to-date volumes in equities, options, and crypto.
HOOD stock gained about 1%, while Strategy (MSTR) edged 0.13%. Coinbase (COIN) climbed 0.43%, and Circle Internet Group (CRCL) added 0.30%.
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