Citi has upgraded Galaxy Digital (GLXY) from Neutral to Buy, raising its price target from $26 to $28. The new target reflects improved confidence in the company's data center operations and artificial intelligence infrastructure expansion.
Galaxy Digital Data Center Upgrade
Citi analyst Peter Christiansen noted that Galaxy Digital's Helios I data center economics were better than previously expected. Christiansen described the stock's current valuation as offering an attractive balance between potential returns and risks, stating that the company's infrastructure improvements support the upgrade.
The analyst also identified a potential Helios II tenant announcement within the next six months as a catalyst that could increase visibility into future earnings and reduce uncertainty around the data center business.
Galaxy Digital shares declined more than 2% on Tuesday morning trading despite the upgrade as investors digested the revised expectations ahead of upcoming quarterly earnings.
Broader Cryptocurrency Stock Moves
Citi also raised its price target for Coinbase (COIN) from $210 to $230 while maintaining its Buy rating. The bank upgraded Gemini (GEMI) from Sell to Neutral and raised its price target to $4.75 from $3.20, linking the change to recent stock declines and revised valuation assessments.
The bank downgraded Securitize (SECZ) from Buy to Neutral based on recent trading activity, though Citi maintained its interest in tokenized financial assets and market infrastructure.
Citi's rating changes come ahead of third-quarter earnings releases expected in October, which will provide updated information on cryptocurrency trading, tokenization efforts, and AI infrastructure operations across these companies.
