J.P. Morgan Reiterates a Buy Rating on Remitly Global (RELY), Sets a $25 PT

Remitly Global, Inc. (NASDAQ:RELY) is one of the best stocks under $20 to buy for the long term. In a report released on August 7, Tien Tsin Huang from J.P. Morgan reiterated a Buy rating on Remitly Global, Inc. (NASDAQ:RELY), setting a price target of $25.00.

The analyst based the rating on the company’s strategic market positioning and solid financial performance, stating that Remitly Global, Inc. (NASDAQ:RELY) reported a notable beat in both adjusted EBITDA and revenue and exceeded expectations despite industry challenges.

Huang attributed the solid performance to Remitly Global, Inc.’s (NASDAQ:RELY) ability to gain market share, especially in the Mexico inbound remittance market, where it managed to surpass its average growth despite a declining market.

Another key growth driver for  Remitly Global, Inc. (NASDAQ:RELY), according to the analyst, is its focus on product innovation and expansion plans beyond the core remittance services into areas like stablecoins and business payments.

Headquartered in Seattle, WA, Remitly Global, Inc. (NASDAQ:RELY) provides digital financial services for immigrants and their families.

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Disclosure: None. This article is originally published at Insider Monkey.