Galaxy Digital initiated with an Outperform at Citizens JMP

Citizens JMP initiated coverage of Galaxy Digital (GLXY) with an Outperform rating and $60 price target representing 130% potential upside from the current share price. Galaxy offers “dual exposure” to the two “secular megatrends” of digital asset institutionalization and artificial intelligence-driven infrastructure, the analyst tells investors in a research note. The firm believes this creates a “powerful multi-engine growth model.” Citizens thinks Galaxy is positioned to capture “outsized share of two of the most transformative markets of the next decade.”