Morgan Stanley has initiated coverage on Galaxy Digital (GLXY) with an 'overweight' rating and set a price target of $42. The investment bank's report emphasizes Galaxy Digital's ambitious expansion plans, including a 3.5-gigawatt build-out by 2030 and a potential conversion to a Real Estate Investment Trust (REIT). The report also highlights the increased analyst interest in Galaxy Digital, with 13 firms now tracking the stock, compared to just four three years ago. Morgan Stanley's valuation approach included a sum-of-the-parts analysis, factoring in the company's crypto assets and Helios projects. The report underscores Galaxy Digital's growing institutional attention and strategic investments in digital asset and data center operations.