In a report released today, Mayank Tandon from Needham maintained a Buy rating on International Money Express (IMXI – Research Report), with a price target of $20.00.
Mayank Tandon has given his Buy rating due to a combination of factors influencing International Money Express’s current and future performance. Despite the recent underperformance in the fourth quarter results, largely attributed to macroeconomic challenges in the Latin American remittance markets, there are positive indicators for the company’s future.
The management’s announcement of strong FY27 targets, particularly focusing on the expansion of the digital transaction business, which showed significant growth, suggests a promising outlook. Tandon believes that the current headwinds are temporary and cyclical, maintaining confidence in the company’s competitive position. Consequently, while the target price has been adjusted to $20, the Buy rating is upheld, reflecting optimism about the company’s strategic direction and long-term potential.
In another report released on February 27, Northland Securities also maintained a Buy rating on the stock with a $23.00 price target.