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Crypto Mainstream Adoption Has Increased in Recent Months, Canaccord Says
The broker raised its Galaxy Digital price target to C$23 from C$17, while maintaining its buy rating.
Updated Jun 10, 2024, 12:40 p.m. Published Jun 10, 2024, 12:37 p.m.
- Galaxy Digital price target raised to C$23 from C$17 at Canaccord.
- The crypto financial services firm is well positioned to benefit from the continued adoption of digital assets, the report said.
- The company’s mining assets could appreciate in value if the AI trend continues, the broker said.
Galaxy Digital (GLXY) is well positioned given its strong institutional exposure to benefit from the continued adoption of digital assets on a structural basis, broker Canaccord Genuity said in a research report on Monday raising its price target for the crypto financial services firm.
Canaccord raised its Galaxy price target to C$23 from C$17 while maintaining its buy rating on the stock. The shares closed at C$16.25 on Friday.
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“With digital assets hovering near all-time highs, some incremental logjam beak on the regulatory front, good business execution by GLXY and some rerate up on an sum-of-the-parts (SOTP) valuation, we are boosting out price target,” analysts led by Joseph Vafi wrote.
We are seeing a “slow but steady shift toward mainstream adoption of digital assets” in recent months, the report said, noting the unexpected initial approval of eight ether spot exchange-traded funds last month by the Securities and Exchange Commission (SEC).
The crypto financial services firm has a good foothold in the ETF market, having partnered with leading players like Inveco, DWS and Itau, Canaccord said.
Other tailwinds include Robinhood’s recent agreement to buy Bitstamp, where Galaxy acted as exclusive financial advisor to the crypto exchange, with the deal underscoring the firm’s investment banking capabilities, the authors wrote. Galaxy also owns the Helios mining facility in west Texas, which could see appreciation if energy hungry artificial intelligence companies continue to seek out deals with bitcoin miners such as the recent Core Scientific (CORZ) approach.
Read more: Galaxy Digital Has Strong Momentum Across All Business Lines: Canaccord
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