Citi Flips on Galaxy Digital, Sets GLXY Target at $28 — Wall Street Finally Notices the Halos at Helios 🌐

Citi upgraded Galaxy Digital (GLXY) from Neutral to Buy and raised its price target on the stock from $26 to $28, citing stronger data center economics and rising confidence in the company's AI infrastructure strategy. The new $28 target implies roughly 40.9% upside from GLXY's previous closing price of $19.87 and marks a 7.69% lift over the prior objective.

Citi analyst Peter Christiansen attributed the upgrade to better-than-expected performance at the Helios I data center and the continued buildout of Galaxy Digital's artificial intelligence operations. "Now, we think the risk/reward is attractive," Christiansen said, pointing to improvements on the infrastructure side of the business. He also flagged the possibility of a Helios II tenant announcement within the next six months, which he said could provide greater visibility into future earnings and reduce uncertainty around the data center segment.

Despite the upgrade, Galaxy Digital shares declined more than 2% in Tuesday morning trading as investors weighed the revised outlook ahead of the next quarterly results. The reaction came even as Citi framed the current valuation as offering a balanced setup between potential returns and risks tied to the AI infrastructure expansion.

The move on Galaxy Digital was paired with additional Citi updates across the crypto-related brokerage and exchange sector, including a higher price target for Coinbase and an upgrade on Gemini, reflecting a broader reassessment of publicly traded digital asset platforms.