Cantor starts Remitly at Overweight, says fundamentals ‘quite strong’

Cantor Fitzgerald initiated coverage of Remitly Global (RELY) with an Overweight rating and $17 price target Remitly is positioned for further market share gains in a highly fragmented, competitive landscape amid the ongoing trend towards digitally-initiated remittances, the analyst tells investors in a research note. While recent stock performance reflects sentiment headwinds, the firm said fundamentals remain “quite strong,” as operating leverage is set tot drive meaningful margin expansion and earnings growth/free cash flow.