The stock should be a core holding for equity investors looking for exposure to the digital asset ecosystem, the report said.
Stifel has a buy rating on the Toronto-listed company headed by Mike Novogratz with a C$20 price target. The stock was trading 5% lower at around C$13.67 at the time of publication. The shares have risen over 30% year-to-date. The crypto firm should be a “core holding for equity investors seeking exposure to the broad digital asset ecosystem given the attractive asymmetric return profile across a diverse group of revenue-producing operating segments and longer-term outsized growth potential through its infrastructure solutions arm,” the report said.
Galaxy is expected to perform strongly for the full year 2024, given improved crypto market sentiment following the Securities and Exchange Commission’s in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.