BMO Capital analyst Rufus Hone maintained a Buy rating on International Money Express (IMXI – Research Report) yesterday and set a price target of $23.00.
Rufus Hone has given his Buy rating due to a combination of factors that highlight International Money Express’s strategic positioning and growth potential. Despite current challenges in the retail remittance market, IMXI is poised for long-term success through its consistent retail strategy and significant investments in digital marketing. The company anticipates a recovery in the retail sector and is well-positioned to outperform during this period due to its data-driven approach and focus on productive agents and customer service.
Moreover, IMXI is aggressively expanding its digital business, expecting it to grow from a small portion of revenue in 2024 to a substantial share by 2027. This digital focus is supported by impressive growth in digital revenue and improved profitability per transaction. Rufus Hone believes that IMXI’s disciplined revenue and EBITDA growth, along with its track record of market share gains, will help the company remain resilient against digital disruption risks, making it a strong investment opportunity.
In another report released yesterday, Northland Securities also maintained a Buy rating on the stock with a $23.00 price target.
IMXI’s price has also changed moderately for the past six months – from $17.730 to $15.930, which is a -10.15% drop .