Wolfe Research downgraded Remitly Global to Peer Perform from Outperform without a price target. The analyst cites profitability and valuation concerns following the stock’s 88% year-to-date rally for the downgrade. Remitly ‘s EBITDA results and Q4 profit guidance “took a step back” and incrementally lower take rate in the quarter opened the door to further competitive questions related to churn and pricing power, the analyst tells investors in a research note.
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