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🟠TARGET DI GALAXY DIGITAL AUMENTATO

🟠TARGET DI GALAXY DIGITAL AUMENTATO

Giorno: 10 giugno 2024 | Ora: 16:52 Il prezzo target di Galaxy Digital è stato aumentato a C$23 da C$17 da Canaccord. Secondo il report, la società di servizi finanziari cripto è ben posizionata per beneficiare dell'adozione continua degli asset digitali. Canaccord ha anche affermato che gli asset di mining di Galaxy potrebbero aumentare di valore se la tendenza all'utilizzo dell'intelligenza artificiale continua. La società ha un buon posizionamento nel mercato degli ETF e ha recentemente agito come consulente finanziario esclusivo nell'accordo di acquisizione di Bitstamp da parte di Robinhood.

Galaxy Digital's target price has been increased to C$23 from C$17 by Canaccord. According to the report, the crypto financial services company is well positioned to benefit from the continued adoption of digital assets. Canaccord also stated that Galaxy's mining assets could increase in value if the trend of using artificial intelligence continues. The company has a strong position in the ETF market and recently acted as the exclusive financial advisor in the acquisition deal of Bitstamp by Robinhood.

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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.

“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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