Goldman Sachs Keeps Buy on Remitly, Trims Price Target to $17 from $19
Goldman Sachs kept a Buy rating on Remitly Global, cutting its price target to $17 from $19 in a valuation reset and affirmed the company's operating outlook. Q3 2025 revenue hit $419.5 million, up 25% year-over-year, with 15% adjusted EBITDA margins and send volumes doubling after UK and Canada expansion.
1. Analyst Update and Price Target Adjustment
Goldman Sachs maintained a Buy rating on Remitly Global, trimming its target price to $17 from $19 as part of a valuation reset that does not alter the firm’s view on the company’s underlying operating performance.
2. Q3 2025 Financial Results
For Q3 2025, Remitly reported $419.5 million in revenue, a 25% increase year-over-year, and achieved 15% adjusted EBITDA margins, demonstrating continued operating leverage as the business scales.
3. Geographic Expansion Impact
During the quarter, Remitly Business expanded into the UK and Canada, resulting in business send volumes nearly doubling sequentially as the company accelerates its international growth.