Citizens Sees Remitly Global (RELY) as a Premier Digital Remittance Platform

Company Overview - Remitly Global, Inc. (NASDAQ:RELY) is a financial technology and payments company that provides digital financial services through its cross-border payments app, facilitating money transfers in over 170 countries [4] Investment Outlook - Citizens reaffirmed its Market Outperform rating and $20 price target on Remitly, highlighting the company's leading role in the digital remittance industry and suggesting that shares were overcorrected due to immigration-related headlines and slowing revenue growth [1][2] - Despite challenges, Citizens emphasizes Remitly's position as the premier all-digital remittance vendor with significant upside potential and plans for industry-leading profitability in the long term [2] Growth Projections - During the Investor Day event, Remitly announced growth plans through 2028, projecting revenue growth in the high teens and adjusted EBITDA between $300 million and $320 million by 2026 [3] - The company estimates revenue to range between $2.6 billion and $3.0 billion in 2028, with Adjusted EBITDA of $575 million to $600 million, indicating a margin of 20-22% [3]