Remitly Global price target raised to $32 from $28 at Citizens JMP

Citizens JMP analyst David Scharf raised the firm’s price target on Remitly Global (RELY) to $32 from $28 and keeps an Outperform rating on the shares. Remitly reported another quarter of top- and bottom-line beats, including 39% and 33% remittance volume and revenue growth, respectively, accelerating user engagement, and prudent marketing spend, the analyst tells investors in a research note. The firm continues to highlight the company as a top secular growth story, with runway ahead that could deliver a 20% compound annual growth rate over the next few years.