Compass Point analyst Chase White upgraded Galaxy Digital to Buy from Neutral with an unchanged price target of C$7.50 after the company released its Q4 report. Revenues and EPS that were below our expectations, driven by realized and unrealized digital asset trading losses that were larger than expected, but Galaxy onboarded more clients than the firm was modeling and counterparty trading revenues rose 19% quarter-over-quarter, compared to expectations for a 30% decline in line with the 30% decline in global exchange volumes. The firm sees this as a positive sign for Galaxy and "the health of the crypto space in general," the analyst tells investors.
Published first on TheFly
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