Needham starts International Money Express at Buy, sees valuation gap closing

As previously reported, Needham analyst Mayank Tandon initiated coverage of International Money Express with a Buy rating and $35 price target. International is a "leading" omnichannel money remittance company with a focus on transactions from the U.S. to Latin America and the Caribbean corridor, notes the analyst, who believes that the combination of both retail and digital remittance offerings gives the company "a unique competitive advantage" to help it gain share, expand to new geographies, and maintain strong profitability. The firm thinks the company can narrow its current valuation gap to peers by maintaining strong profitability while growing at a well-above market pace.