The broker said bitcoin mining still drives nearly all sector revenue even as the narrative shifts toward AI.
Cantor, Canaccord and Benchmark all raised their Galaxy price objectives.
Regulation and new players are driving stablecoin momentum and paving the way for a new internet “money layer,” the broker said
The broker maintained its buy rating on the stock and raised its price objective to $16 from $12.
The crypto exchange received two buys, one market-perform, and one neutral rating from Wall Street analysts.
Stablecoins could find uses beyond that of a crypto trading pair after the U.S. Senate passed the GENIUS Act, the report said.
Mining fundamentals are strong with the cost to mine around $27,000 per bitcoin for larger participants, the report said.
The broker raised its price target for the software company to $300 from $173 while maintaining its buy rating.
The broker started coverage of the bitcoin miner with a buy rating and a $16 price target.
Ether spot ETFs, once launched, should help broaden institutional appetite for other digital assets, the report said.
Investment bank Canaccord started research on the stock with a buy rating and C$17 per share price target, implying 30% upside.