Remitly Global price target lowered to $22 from $32 at JMP Securities

JMP Securities analyst David Scharf lowered the firm’s price target on Remitly Global to $22 from $32 and keeps an Outperform rating on the shares. The firm sees some indicators of moderating account growth for the company. The analyst remains comfortable with Remitly’s guidance of 30%-32% revenue growth in 2024, saying the company remains well positioned to expand its geographic footprint as the leading all-digital remittance brand. However, the “law of large numbers” is unavoidable, and recent data showing decelerating growth in app downloads and site visits lead JMP to trim its five-year revenue assumptions that drive the stock’s valuation analysis, the analyst tells investors in a research note.