Citizens reiterates Remitly stock rating on strong user growth
Citizens upgraded Remitly Global Inc's stock rating to Market Outperform and raised its price target to $32.00 per share. The firm cited Remitly's leading performance compared to competitors, driven by strong user growth and engagement. Active user numbers rose by 20% year-over-year in the first and second quarters, while per-user send volumes increased despite slower website traffic.
These trends suggest a growing share of large-dollar senders and a migration of users to the app. The current upside potential stands at about 50% from the stock's current price of $21.28. Remitly has already outperformed, with a 54% increase year-to-date and 31% over the past six months. The company turned profitable in the last year, and InvestingPro indicates the stock remains undervalued.
The rating agency offered five additional exclusive tips and a comprehensive research report on the stock. Remitly reported Q2 2026 earnings that beat expectations with $0.93 adjusted earnings per share and $495.2 million in revenue. Analysts reacted positively, with Cantor Fitzgerald raising its price target to $30 and Wolfe Research to $31, citing margin expansion and higher 2027 EBITDA projections.
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