In a report released today, Tien Tsin Huang from J.P. Morgan reiterated a Buy rating on Remitly Global, with a price target of $25.00.
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Tien Tsin Huang’s rating is based on Remitly Global’s impressive financial performance and strategic positioning in the market. The company reported a significant beat in both revenue and adjusted EBITDA, surpassing expectations despite facing industry challenges. This strong performance is attributed to Remitly’s ability to gain market share, particularly in the Mexico inbound remittance market, where it outpaced the company’s average growth even in a declining market.
Furthermore, Remitly’s focus on product innovation and expansion beyond core remittance services into areas like business payments and stablecoins is seen as a key driver for future growth. The company’s commitment to innovation, coupled with its mission-driven approach, positions it as a compelling investment opportunity. With a projected revenue growth rate that ranks among the highest in the fintech sector, and a price target set at a favorable multiple compared to peers, Huang believes Remitly offers significant upside potential for investors.
Tsin Huang covers the Technology sector, focusing on stocks such as Cognizant, Accenture, and Fiserv. According to TipRanks, Tsin Huang has an average return of 5.8% and a 56.07% success rate on recommended stocks.