GALAXY DIGITAL $GLXY price-target raised to $42 (from $36) at Piper Sandler, named 'Favorite Stock for Q4':
"Favorite Stock Heading into 4Q; Updating our SOTP analysis on GLXY in conjunction with our 4Q favorites report. In conjunction with the Piper Sandler 2025 FSG Fourth Quarter Favorites report (published today), we are updating our model and sum-of-the-parts (SOTP) analysis for GLXY. Our PT increases from $36 to $42, which represents ~15x 2027E Adj. Gross Profit (from ~14x previously) and is at the midpoint of the power approval scenarios laid out in our SOTP analysis.
Relative to our last SOTP analysis: (1) the company has added an incremental 1 GW of potential power capacity at Helios via the purchase of an adjacent plot of land, (2) we're now assuming Helios CapEx of ~$15M/critical IT MW vs. $14M previously, and (3) assuming a terminal multiple of 15x EV/EBITDA in our DCF models (vs. 13x previously) due to increased confidence in GLXY's ability to execute on the Helios build out (still a steep discount to DLR & EQIX)."
