Cantor Fitzgerald has restated its Overweight rating and $28 price target for Remitly Global, citing the digital remittance company's long-term growth potential. The firm noted that Remitly's core remittance operations are generating significant revenue growth, free cash flow, and improved GAAP profitability, providing resources to expand into complementary offerings such as high-value senders, Send Now/Pay Later, and Remitly Business. These initiatives will leverage existing infrastructure and client connections rather than requiring new customer marketing. Earlier in June, Citizens also maintained its Market Outperform rating and $26 price target, calling Remitly a long-term winner in the digital remittance market.
Remitly Global IncCantor Fitzgerald reiterates Overweight rating and $28 price target, citing growth potential and profitability.