Remitly Global price target raised to $24 from $23 at BMO Capital

BMO Capital raised the firm’s price target on Remitly Global to $24 from $23 and keeps an Outperform rating on the shares. The firm sees the company as a long-term winner in the fast-growing and consolidating digital remittance market, stating that based on its position as a scaled, pure-play digital provider, Remitly is increasingly distancing itself from competitors, the analyst tells investors in a research note. Investors also underappreciate the stock’s long-term growth potential and EBITDA margin trajectory, BMO added.