Remitly Global Inc (RELY) PT Lowered to $20 at Citizens on Slower 2028 CAGR

Citizens analyst David Scharf lowered the price target on Remitly Global Inc (NASDAQ: RELY) to $20.00 (from $23.00) while maintaining a Market Outperform rating.

The analyst commented, "We maintain our Market Outperform rating on Remitly and continue to highlight the company as a top secular growth story. We trim our price target to $20 from $23 based on a modestly slower revenue CAGR through 2028. We continue to apply a 10x EV/EBITDA multiple to implied 2028 EBITDA based on 'mature' remittance margins (low-20%), and then discount this enterprise value (EV) back two years to 2026 to derive a 12-month price target. Our PT is also equal to ~14x our 2026 Adjusted EBITDA estimate."

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