Cantor Fitzgerald Highlights Remitly Global (RELY)’s Long-Term Growth in Digital Remittances

Remitly Global Inc. (NASDAQ:RELY) ranks among the best fintech stocks to buy as digital payments volume surges. On June 26, Cantor Fitzgerald restated its Overweight rating and $28 price target for Remitly Global Inc. (NASDAQ:RELY). According to the firm, Remitly's core remittance operation is creating additional growth opportunities.

Based on Cantor's assessment, the core operations continue to generate significant revenue growth, free cash flow, and improved GAAP profitability. This gives Remitly Global Inc. (NASDAQ:RELY) additional time and resources to broaden its product offerings and monetize its user base through complementary solutions, such as high-value senders, Send Now/Pay Later, and Remitly Business.

Cantor Fitzgerald stated that these initiatives will be based on Remitly's current infrastructure, cost base, and client connections instead of marketing to new customers.

Furthermore, on June 4, Citizens maintained its Market Outperform rating and $26 price target for Remitly Global Inc. (NASDAQ:RELY). The firm stated that the loss of an early-stage investor does not impact its opinion of the company, which it sees as a long-term winner in the digital remittance market.

Remitly Global Inc. (NASDAQ:RELY) provides financial services, specifically cross-border remittance services, globally. The company is based in Seattle, Washington, and was founded in October 2018 by Matthew B. Oppenheimer and Joshua Hug.

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