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Jefferies bullish on Galaxy, initiates 'buy' rating with $35 target price

Summary: According to Coindesk, Jefferies has issued a 'buy' rating for Galaxy Digital (GLXY) for the first time in their latest research report, with a target price of $35. The report highlights the improvement in crypto regulatory environment in the US through the GENIUS Act, providing a favorable market structure for Galaxy. Galaxy is also set ...

According to Coindesk, Jefferies has issued a 'buy' rating for Galaxy Digital (GLXY) for the first time in their latest research report, with a target price of $35. The report highlights the improvement in crypto regulatory environment in the US through the GENIUS Act, providing a favorable market structure for Galaxy. Galaxy is also set to benefit from the growth in AI data center demand by leasing a 393-megawatt data center in Texas. Currently, around two-thirds of its company value comes from the data center business. GLXY closed over 6% higher on Tuesday at $29.11 and surged another 3% to $30 in pre-market trading.

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