StoneX: Reiterates Buy Rating on Galaxy Digital and Maintains $57 Price Target

According to The Block, investment bank StoneX reiterated its "buy" rating on Galaxy Digital (GLXY) and maintained a target price of $57.

The agency believes that Galaxy's current valuation underestimates its AI data center business and does not actually take its digital asset business into account in the valuation. Market concerns are primarily focused on the rising borrowing costs of CoreWeave and the outstanding debt of $35.6 billion as of the end of June.