In a report released today, Gustavo Gala from Monness reiterated a Buy rating on Remitly Global, with a price target of $32.00.
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Gustavo Gala has given his Buy rating due to a combination of factors that highlight Remitly Global’s strategic positioning and growth potential. One of the key reasons is Remitly’s resilience in the face of migration policy changes and stablecoin threats, supported by strong intraquarter data indicating robust performance. The company benefits from a customer base that is primarily bank-funded, which shields it from changes in retail foot traffic, unlike some of its competitors.
Furthermore, Remitly’s historical focus on markets like India and the Philippines positions it well to navigate challenges in the US-Latin America corridors. The ongoing shift towards digital transactions, which tend to be more cost-effective, suggests better long-term margins for Remitly compared to traditional players. Additionally, the company remains underpenetrated in several key regions, offering significant opportunities for expansion and market share gains. These factors collectively underpin Gala’s confidence in Remitly’s future prospects.
According to TipRanks, Gala is a 2-star analyst with an average return of 0.9% and a 45.33% success rate. Gala covers the Technology sector, focusing on stocks such as Block, Remitly Global, and Fiserv.