Intermex assumed with a Perform at Oppenheimer

Oppenheimer assumed coverage of Intermex with a Perform rating with no price target. While the firm believes Intermex’s differentiated agent location strategy focused on small retail and bodegas and its large growing total addressable market, driven by its expansion outside Latin America, provide “strong long-term growth prospects,” it says slowing spend from low-income consumers, the rapid growth of digital payments, cannibalizing cash-to-cash money transfers, as well as the potential for stricter immigration legislation tied to the upcoming U.S. presidential elections, keep the firm on the sidelines.