Wells Fargo upgrades Remitly Global to Equal Weight, ups price target to $18

As previously reported, Wells Fargo upgraded Remitly Global (RELY) to Equal Weight from Underweight with a price target of $18, up from $13, given increasing marketing efficiencies and visibility into 2025 growth. A strong Q3 provided greater confidence that Remitly Global can drive top and bottom-line growth simultaneously, the firm says. After two consecutive quarters of fundamental outperformance, Wells thinks management has a reasonable guidance philosophy and has demonstrated that Remitly is a clear structural share gainer. That said, while the firm believes election risks persist, guidance is likely conservative, limiting downside risk to shares from here.