Galaxy Digital Holdings LtdRosenblatt reiterates Buy and $35 target, citing reduced execution risk from Helios Phase I completion and 5.7 GW pipeline.

Rosenblatt Securities reiterated its Buy rating and $35 price target on Galaxy Digital, implying 74% upside from the note's $20.13 reference price. Analyst Chris Brendler said Helios Phase I's completion and a pipeline exceeding 5.7 GW reduced execution risk around Galaxy's data-center strategy. Rosenblatt raised its third-quarter revenue estimate to $7.81 billion from $6.66 billion but cut adjusted EBITDA to $15.6 million from $68 million. Its full-year 2026 adjusted EBITDA forecast fell to a $236.4 million loss from a $300,000 loss, while the 2027 estimate increased to $273.7 million from $272.2 million. The revised outlook followed Galaxy's second-quarter results, which included an $85 million net loss and a $77 million adjusted EBITDA loss, with the Data Centers segment generating $26 million of revenue and $11.5 million of adjusted EBITDA during its first revenue-producing quarter.
Galaxy Digital Holdings LtdRosenblatt reiterates Buy and $35 target, citing reduced execution risk from Helios Phase I completion and 5.7 GW pipeline.