Analyst Joseph Vafi of Canaccord Genuity maintained a Buy rating on Galaxy Digital Holdings (BRPHF – Research Report), retaining the price target of C$41.00.
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Joseph Vafi has given his Buy rating due to a combination of factors that highlight Galaxy Digital Holdings’ promising future. The company’s shares are set to begin trading on the NASDAQ, which is expected to enhance its visibility and attract more investor attention. Galaxy Digital is strategically positioned in the burgeoning industries of digital assets and artificial intelligence, making it a unique player in the public markets.
Moreover, the partnership with Coreweave at the Helios data center is progressing well, with significant capacity under contract that promises substantial revenue over the coming years. Despite some initial concerns about AI data center demand, sentiment has improved, and Coreweave’s recent contract exercises underscore this positive outlook. Additionally, Galaxy’s markets and asset management segments are showing resilience and growth, even amid fluctuating spot prices, further supporting the Buy recommendation.
According to TipRanks, Vafi is a 5-star analyst with an average return of 23.2% and a 47.62% success rate. Vafi covers the Technology sector, focusing on stocks such as Block, Repay Holdings, and Blend Labs.
In another report released on May 14, H.C. Wainwright also reiterated a Buy rating on the stock with a C$39.00 price target.