Analysts raise Remitly Global price target to $30 after earnings beat

Wall Street analysts upgraded Remitly Global (NASDAQ:RELY) on Thursday, increasing the target price to $30 from $26, according to Citizens Jmp. Cantor Fitzgerald also lifted its target to $28, while KeyCorp raised its own to $23. The firm opened at $24.96, trading above its 50‑day moving average of $21.63.

Remitly reported second‑quarter earnings of $0.23 per share, topping the consensus estimate of $0.12. Revenue reached $452.8 million, beating the $438.9 million forecast. The company posted a 12.90% return on equity, a 6.12% net margin and a market capitalization of about $5.26 billion.