Remitly Global (RELY – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Rufus Hone from BMO Capital reiterated a Buy rating on the stock and has a $32.00 price target.
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Rufus Hone has given his Buy rating due to a combination of factors that highlight Remitly Global’s strong performance and promising outlook. The company demonstrated significant momentum in the fourth quarter, surpassing revenue expectations with a 33% year-over-year increase and achieving impressive EBITDA results that nearly doubled expectations. This performance is attributed to record customer additions, high transaction volumes per active customer, and efficient marketing strategies, all of which contributed to improved unit economics.
Furthermore, Remitly Global’s updated revenue guidance for 2025 reflects a positive outlook, with anticipated revenue growth reaching the high end of previous estimates. Despite a conservative EBITDA margin forecast, the company has shown potential for further margin expansion through operational efficiencies, particularly in customer support and marketing expenses. The analyst’s increased price target, coupled with the company’s strategic partnerships and disciplined financial management, underscores the belief in Remitly Global’s long-term growth potential in the digital remittance market.
According to TipRanks, Hone is a 5-star analyst with an average return of 17.5% and a 79.44% success rate. Hone covers the Financial sector, focusing on stocks such as Mastercard, Visa, and Western Union.
In another report released today, Barclays also maintained a Buy rating on the stock with a $28.00 price target.