Remitly Global price target raised to $32 from $27 at BMO Capital

BMO Capital raised the firm’s price target on Remitly Global (RELY) to $32 from $27 and keeps an Outperform rating on the shares. The company’s Q4 results demonstrated another quarter of strong fundamental momentum, benefiting from record gross adds, record transactions/active, strong and consistent unit economics and impressive marketing efficiency, the analyst tells investors in a research note. Remitly is a long-term winner in the fast-growing and consolidating digital remittance market, and investors likely underappreciate its growth potential, BMO added.