Citi upgrades Galaxy Digital to Buy with $28 price target

Citi analyst Peter Christiansen upgraded Galaxy Digital (NASDAQ: GLXY) to Buy from Neutral, raising the price target to $28 from $26.

Christiansen cited stronger-than-expected economics at the company's Helios I data center, along with increased confidence in Galaxy Digital's AI infrastructure strategy. The analyst also noted the potential for a Helios II tenant announcement within the next six months as a factor that could reduce risk in the data center business.

"We now view the risk/reward as compelling," Christiansen said, adding that a Helios II tenant announcement "could further de-risk the data center business and enhance visibility into long-term earnings power."

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