William Blair Keeps Their Buy Rating on Remitly Global (RELY)We remain buyers of RELY shares, which are down 24% since its Reimagine event on September 9 (see note); we attribute the recent pressure on RELY shares to investor concerns about the money remittance market, including the sustainability of pricing, competition, stablecoins and policy impacts on migration patterns, among other things. Despite these concerns, Remitly has a proven track record of gaining market share and expanding margins in a massive, highly fragmented market. Remitly trades at 2.3 times 2026 gross profit, which compares to Western Union (WU $8.07; 2.7 times and WISE (WISE-LON £9.94) at 5.9 times—we reiterate Outperform. We expect September-quarter results to be at least in line with guidance, and for management to provide a preliminary 2026 outlook of at least high-teens revenue growth on the upcoming earnings conference call.