BMO Capital initiated coverage of Remitly Global with a Market Perform rating and $25 price target. The firm believes investors underestimate Remitly’s long term growth potential and EBITDA margin trajectory, but it worries about the potential for increasing marketing costs near-term. BMO remains concerned that investors will view Remitly’s additional top-of-funnel investments and rising sequential marketing spend in Q4 with caution.
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