Remitly Global price target raised to $25 from $22 at JMP Securities

JMP Securities raised the firm’s price target on Remitly Global (RELY) to $25 from $22 and keeps an Outperform rating on the shares. Remitly reported material top- and bottom-line beats, the company’s first quarter of GAAP profitability, increasing user engagement, and much-more efficient customer acquisition, the analyst tells investors in a research note. The company’s Q4 guidance for revenue and EBITDA was somewhat conservative, as did initial commentary on 2025 revenue growth, but it omits further FX benefits, JMP notes.