Goldman Sachs raised the firm’s price target on Remitly Global (RELY) to $20 from $17 and keeps a Buy rating on the shares. Remitly delivered results well above expectations, with revenue, revenue less transaction expenses, and volume all beating consensus and opex coming in lower, driving a greater than 70% EBITDA beat, while full-year guidance also exceeded estimates, the analyst tells investors in a research note. Strong customer acquisition, rapid new product revenue growth, and expanding margins support continued momentum, even as CEO Matt Oppenheimer transitions to the board and Sebastian Gunningham assumes the CEO role, Goldman argues.
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Read More on RELY:
- Remitly Global price target raised to $22 from $20 at Citizens
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