William Blair analyst Christopher Kennedy has reiterated their bullish stance on RELY stock, giving a Buy rating yesterday.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Christopher Kennedy has given his Buy rating due to a combination of factors that highlight Remitly Global’s growth potential and strategic initiatives. The company is expanding its financial services offerings to its large customer base, which is expected to support long-term growth. Despite the challenges faced by high-volume senders, Remitly’s core remittance business remains strong, and the new initiatives are still in their early stages, presenting significant opportunities for margin expansion.
Moreover, Remitly’s shares are trading at a lower multiple compared to its peer, Wise, indicating potential for multiple expansion. This potential is bolstered by strong fundamental performance, diversification of revenue streams, and increased investor understanding of digital remittance models. Additionally, the company’s focus on leveraging its existing platform for new initiatives helps mitigate risks and costs, aligning closely with customer demand and enhancing product market fit.
According to TipRanks, Kennedy is an analyst with an average return of -0.2% and a 42.37% success rate. Kennedy covers the Technology sector, focusing on stocks such as Remitly Global, Evertec, and Jack Henry & Associates.
In another report released yesterday, Wolfe Research also upgraded the stock to a Buy with a $25.00 price target.