William Blair analyst Christopher Kennedy has reiterated their bullish stance on RELY stock, giving a Buy rating today.
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Christopher Kennedy has given his Buy rating due to a combination of factors that highlight Remitly Global’s strong market position and growth potential. Despite a recent dip in share prices, the company continues to demonstrate robust fundamental results, driven by significant market share gains in both new and established regions. Kennedy believes that Remitly is still in the early stages of a long-term growth trajectory, capturing a small but growing share of a massive $2 trillion market.
Additionally, Kennedy points out that while current U.S. immigration policies and consumer uncertainty present some risks, these have not yet impacted Remitly’s fundamental performance. The company’s diverse geographic revenue streams and strategic expansion into new verticals are expected to help it navigate regional and macroeconomic challenges effectively. Remitly’s nondiscretionary nature of remittances and stable industry pricing further bolster its resilience, as evidenced by its impressive revenue growth in recent quarters.
In another report released today, KeyBanc also maintained a Buy rating on the stock with a $27.00 price target.