Goldman Sachs Trims Remitly (RELY) PT to $17 While Keeping Buy Rating on Remittance Growth

Core Insights - Remitly Global Inc. is identified as an overlooked growth stock with potential for investment despite recent price target adjustments by analysts [1][3] Group 1: Analyst Ratings and Price Targets - Goldman Sachs analyst Will Nance lowered the price target for Remitly Global from $19 to $17 while maintaining a Buy rating [1] - Citizens reaffirmed a Market Outperform rating with a price target of $20, highlighting Remitly as a leader in the digital remittance sector [2] Group 2: Business Expansion and Performance - In Q3 2025, Remitly expanded its product categories, notably with Remitly Business entering the UK and Canada, increasing the total addressable market (TAM) from $2 trillion to $22 trillion [3] - By the end of Q3, approximately 10,000 businesses were active on the platform, with transaction sizes averaging twice those of traditional consumers [3] - The Flex product reached around 100,000 active users, with revenue doubling sequentially, and there was a 40% increase in send volume from high-value customers [3] Group 3: Company Overview - Remitly Global Inc. provides digital financial services, including cross-border remittances and complementary financial services, through a mobile application and website [4]