Citi analyst Andrew Schmidt suggests investors open a pair trade of being overweight Remitly Global (RELY) and underweight Western Union (WU). There is potential for Remitly outperformance relative to Western over the coming months, argues the analyst, who thinks Remitly can demonstrate elevated growth and has less dependence on undocumented immigration. The firm has a Buy rating and $28 price target on Remitly shares and Neutral rating and $10 target on Western Union.
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