Top stock picks for 2026 from ATB Capital

ATB Capital Markets is leaning into AI-led infrastructure demand and the maturing digital-asset cycle with three top picks for 2026: Galaxy Digital (TSXV:GLXY), Bitfarms (TSX:BITF) and Docebo (TSX:DCBO).

In his Dec. 9 report ATB analyst Martin Toner said that AI-driven compute requirements and a renewed institutional bid for crypto should create meaningful earnings inflection points for all three names.

For Galaxy Digital, Toner highlights operating leverage to “two secular growth trends”, institutional crypto adoption and rapidly expanding AI/HPC demand.

The firm’s platform assets reached roughly US$17-billion in Q3/25, including US$8.8-billion in AUM and US$6.6-billion staked, throwing off distinct fee streams. At the same time, Galaxy is building an 800-MW Helios data-centre campus, with 600 MW already contracted to CoreWeave for AI workloads. Galaxy expects limited EBITDA contribution until the first half of 2026, when power delivery begins and contracted infrastructure earnings start layering onto existing trading and asset-management profit pools.

Toner values the business on a sum-of-the-parts basis and maintains a $75 target, arguing that 2026 will be the first full year where data-centre earnings are visible.

Toner says Bitfarms is transitioning from a pure Bitcoin miner to “a North American energy and compute infrastructure platform” leveraged to both Bitcoin and AI/HPC cycles.

Full-year 2025 operations sit near 16.3 EH/s with fleet efficiency of ~19 J/TH, supporting solid mining margins. For 2026, ATB expects the company to secure an HPC contract delivering power in 2027, which it sees as a major re-rating catalyst. Toner said the market will increasingly value miners on an EV/MW or eventually EV/EBITDA basis as HPC exposure grows, noting that BITF currently trades at roughly $1-million per MW versus potential deal values of $6-million to $9-million per MW after capex and including leverage.

Toner calls the recent selloff “mispriced relative to balance-sheet improvements” and keeps its $8.50 target.

ATB also upgraded Docebo to “Outperform,” citing valuation support and the expectation of reaccelerating revenue in 2026.

DCBO now trades at about 10× EV/EBITDA and 2.5× NTM sales, roughly half its 2022-era trough P/S multiple. ATB sees improving fundamentals: a large US$30-billion+ learning-management TAM, rising contribution from customer-experience (CX) use cases, and a new FedRAMP certification that opens public-sector opportunities. The firm forecasts that ~7% y/y revenue growth in 2026 will likely mark a bottom, with FCF margin expansion enabling multiple recovery. Toner maintains its $50 target, based on a DCF with an 11.5% WACC and a 3% terminal growth rate.

Toner said that digital-asset recovery, AI-centre build-outs and SaaS-valuation normalization could create a favourable setup in 2026. Within that, GLXY, BITF, and DCBO offer, in his view, the strongest combination of cyclical upside, structural growth and valuation dislocation across its coverage universe.

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