The post Galaxy Digital gets Buy rating, C$24 price target from analyst appeared on BitcoinEthereumNews.com.

H.C. Wainwright has initiated coverage on Galaxy Digital Holdings stock, offering a Buy rating and a price target of C$24. Analyst Mike Colonnese states that the U.S.-based digital asset-focused financial services firm’s shares offer the diversified exposure investors seek when looking for new positions. Galaxy’s business also suggests several near-term catalysts, including fundamental growth amid cryptocurrency’s impending 2025 bull market. The current price of GLXY stock does not yet reflect that a bull market has fully been priced in, the analyst noted. Analyst forecasts 36% upside for Galaxy stock Also bullish for the company are factors such as institutional adoption, regulatory clarity in the United States, and a Nasdaq uplisting, likely to come in 2025. In this case, H.C. Wainwright sees 36% upside for the stock, with price at the time hovering around C$17.63. Colonnese also highlights that Galaxy Digital shares have historically outperformed crypto prices during bull markets. This outlook on the four-year price cycle across the digital assets market shows GLXY having approximately 70% year-to-date return in 2024, compared to about 50% for Bitcoin (BTC). “We believe we are just in the third inning of the current bull market,” the analyst noted, adding that they expect BTC and other crypto assets to rally sharply in Q4 2024 and run at least until Q4 2025. Founded in 2018, Galaxy Digital offers a full suite of digital asset services and products across global markets, including asset management and digital infrastructure solutions. The latter includes BTC mining and network validator services. In a recent update, Galaxy noted it expects digital assets to grow from the current $2.3 trillion market amid rapid adoption. Source: https://crypto.news/galaxy-digital-gets-buy-rating-c24-price-target-from-analyst/

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Filed under: News - @ October 10, 2024 8:23 pm