UPDATE: KeyBanc Starts Remitly Global Inc (RELY) at Overweight

KeyBanc analyst Alex Markgraff initiates coverage on Remitly Global Inc (NASDAQ: RELY) with a Overweight rating and a price target of $48.00.

The analyst comments "A large, highly fragmented global money remittance market capturing $540B in volume presents a unique opportunity for modern, digital/mobile-first provider Remitly to capture share from participants lacking in scale, service, and
user experience via highly localized user experience, fast/reliable payment capabilities, and trusted service. Strong unit economics driven by repeat customer usage, an efficient GTM engine (6x+ LTV/CAC, 10 month payback), and LSD market share reinforce LT growth/profitability targets."

For an analyst ratings summary and ratings history on Remitly Global Inc click here. For more ratings news on Remitly Global Inc click here.

Shares of Remitly Global Inc closed at $40.20 yesterday.

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