Canaccord raises GLXY price target to $23 from $17, maintains buy rating

According to a research report by broker Canaccord Genuity on Monday, Galaxy Digital (GLXY) will benefit from the continued adoption of digital assets on a structural basis due to its strong institutional influence, and is therefore in a favorable position. Canaccord raised the target price for this cryptocurrency financial services company from CAD 17 to CAD 23, while maintaining a buy rating on the stock. The stock closed at CAD 16.25 on Friday. Analyst Joseph Vafi wrote that due to the hovering of digital asset prices near historic highs, some incremental regulatory bottlenecks, GLXY's business execution is good, and some re-evaluation of the sum-of-the-parts (SOTP) valuation, we are raising the price target.