Remitly Global price target lowered to $23 from $32 at Citizens JMP

Citizens JMP lowered the firm’s price target on Remitly Global (RELY) to $23 from $32 and keeps an Outperform rating on the shares. Remitly is one of the strongest secular growth vehicles in FinTech, and a business that has scaled more quickly and more profitably than many had anticipated, but there are factors that may be weighing on shares near-term, including recent suggestions by management that Q3 guidance is accurate and not a “beat and raise” setup and that the Street’s 2026 revenue forecasts may be too high, the analyst tells investors in a research note. Additionally, the introduction of new lending products leaves unanswered questions about unit economics, long-term funding strategy, and credit exposure, while news flow on the downstream impact of ICE-related immigration enforcement remains constant, Citizens says.