J.P. Morgan Reiterates a Buy Rating on Remitly Global (RELY), Sets a $25 PT

Remitly Global, Inc. (NASDAQ:RELY) is one of the best stocks under $20 to buy for the long term. In a report released on August 7, Tien Tsin Huang from J.P. Morgan reiterated a Buy rating on Remitly Global, Inc. (NASDAQ:RELY), setting a price target of $25.00.

Remitly (RELY) Rallies on New One Big Beautiful Bill Proposal

A senior banker shaking hands with migrant customers in a corporate boardroom.

The analyst based the rating on the company’s strategic market positioning and solid financial performance, stating that Remitly Global, Inc. (NASDAQ:RELY) reported a notable beat in both adjusted EBITDA and revenue and exceeded expectations despite industry challenges.

Huang attributed the solid performance to Remitly Global, Inc.’s (NASDAQ:RELY) ability to gain market share, especially in the Mexico inbound remittance market, where it managed to surpass its average growth despite a declining market.

Another key growth driver for  Remitly Global, Inc. (NASDAQ:RELY), according to the analyst, is its focus on product innovation and expansion plans beyond the core remittance services into areas like stablecoins and business payments.

Headquartered in Seattle, WA, Remitly Global, Inc. (NASDAQ:RELY) provides digital financial services for immigrants and their families.

While we acknowledge the potential of RELY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RELY and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.