On Wednesday, Rosenblatt Securities increased its price target for Galaxy Digital Holdings Ltd (GLXY:CN) (OTC: BRPHF) to C$20.00, up from the previous C$15.00, while reiterating a Buy rating on the stock. The firm highlighted Galaxy Digital's strong positioning for the current cryptocurrency bull market and its effective execution in expanding its business.
Galaxy Digital has reported a robust fourth quarter and is on track for what could be a record first quarter, with earnings before tax (EBT) through February reaching $300 million, matching the company's total earnings from the previous year. The growth has been partially attributed to the rise in cryptocurrency markets, especially Bitcoin.
The company's operating businesses are also experiencing growth and gaining market share. Rosenblatt's analysis suggests that Galaxy Digital's success is sustainable and currently undervalued by the market. The firm noted that Galaxy Digital stands out as a top-tier institution in the digital asset space and is the only publicly traded company offering a diversified digital assets business.
Rosenblatt also mentioned that while Galaxy Digital's up-listing to the Nasdaq is being delayed by the SEC, the opportunity for investors to purchase shares at or near book value may be diminishing. Consequently, Rosenblatt has revised its forecasts for the company, leading to the increased price target.
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