Citi opens ‘positive catalyst watch’ Remitly Global into Q4 report

Citi analyst Andrew Schmidt opened a “90-day positive catalyst watch” on shares of Remitly Global. The stock looks “quite attractive” following the pullback in recent weeks, the analyst tells investors in a research note. The firm believes favorable growth durability and unit economics should be illustrated in Q4, which can help the stock to re-rate. Remitly’s ability to profitably gain share in a faster-growth part of the market remains intact, says Citi, which has a Buy rating on the stock with a $30 price target.