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#SocialStocks: PayPal makes controversial offer to buy Pinterest » 15:4810/2010/20/21
TWTR, WU, PYPL, PINS, SQ, AFTPF, FB, GOOG, GOOGL, RELY, COIN, SNAP
Remitly Global partners with Novi for pilot of digital wallet » 09:3410/1910/19/21
Remitly Global (RELY)…
Remitly Global (RELY) announced a partnership with Novi (FB), a next generation digital wallet. To support its pilot launch, Novi is leveraging Remitly's custom-built global network to enable cash pickup in Guatemala. Remitly's global payments network spans over 1,700 corridors, serving customers in 17 countries, sending to over 115 receive countries. With the launch of the pilot program, Novi is enabling customers to send and receive money using the Pax Dollar stablecoin, securely and without fees. In alignment with its mission, Remitly is pleased to support Novi's initiative to open new channels of financial access and inclusion. Novi is now available to a limited number of customers in the US and Guatemala.
Fly Intel: Top five analyst initiations » 09:5410/1810/18/21
FRSH, RELY, TOST, OLED, ARBK
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Freshworks (FRSH) initiated with a Buy at Needham, Canaccord, and Needham, initiated with an Outperform at Oppenheimer, Baird, and JMP Securities, initiated with an Overweight at Piper Sandler, JPMorgan, initiated with an Equal Weight at Barclays, initiated with a Market Perform at Raymond James, an Equal Weight at Morgan Stanley and a Neutral at BofA. 2. Remitly Global (RELY) initiated with a Buy at Goldman Sachs and Citi, initiated with an Overweight at Barclays and JPMorgan, initiated with an Outperform at William Blair and initiated with a Peer Perform at Wolfe Research. 3. Toast (TOST) initiated with a Buy at Needham and Canaccord, initiated with an Overweight at Piper Sandler and KeyBanc, initiated with an Outperform at William Blair, initiated with a Neutral at Goldman Sachs, and JPMorgan and initiated with an Equal Weight at Morgan Stanley. 4. Universal Display (OLED) initiated with a Buy at BofA. 5. Argo Blockchain (ARBK) initiated with a Buy at Compass Point, Canaccord, Jefferies and with an Overweight at Barclays. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Five new option listings and four option delistings on October 18th » 08:3010/1810/18/21
LAW, RELY, ROCC, SOVO, NNA, PVAC, VIH
New option listings for…
New option listings for October 18th include VPC Impact Acquisition Holdings (BKKT), CS Disco Inc (LAW), Remitly Global Inc (RELY), ROCC Stock (ROCC), and SOVO Stock (SOVO). Option delistings effective October 18th include Genesis Healthcare Inc (Class A Stock) (GENN), Navios Maritime Acquisition (NNA), Penn Virginia (PVAC), and VPC Impact Acquisition Holdings (VIH).
Remitly Global initiated with an Outperform at William Blair » 08:1410/1810/18/21
William Blair analyst…
William Blair analyst Robert Napoli initiated coverage of Remitly Global with an Outperform rating and no price target. Remitly has a small share of a "massive, highly fragmented" market as there are over 280M immigrants and the global remittance market exceeds $1.5 trillion annually, Napoli tells investors in a research note. He estimates nearly 90% of Remitly's business is driven by digital methods, which compares to about 20% of the mix at legacy providers such as Western Union or MoneyGram. The analyst believes the company is in the early innings of a "long-term high-growth story" and that management's targets of at least 20% revenue growth and at least 20% adjusted EBITDA margins are reasonable.
Remitly Global initiated with an Overweight at JPMorgan » 07:3210/1810/18/21
JPMorgan analyst Tien-tsin Huang initiated coverage of Remitly Global with an Overweight rating and $57 price target. The analyst likes Remitly as a "mission-led growth company, bringing modern digital solutions to the antiquated global remittance market." With less than 3% share of its serviceable addressable market for cross-border remittances to low-and-middle income countries, Remitly is a "durable share gainer in a fragmented market dominated by legacy providers," Huang tells investors in a research note.
Remitly Global initiated with a Peer Perform at Wolfe Research » 06:4110/1810/18/21
Wolfe Research analyst…
Wolfe Research analyst Darrin Peller initiated coverage of Remitly Global with a Peer Perform rating and $45 price target.
Remitly Global initiated with an Overweight at KeyBanc » 06:2410/1810/18/21
KeyBanc analyst Josh Beck…
KeyBanc analyst Josh Beck initiated coverage of Remitly Global with an Overweight rating and $48 price target. A large, highly fragmented global money remittance market capturing $540B in volume presents a unique opportunity for Remitly to capture share from participants lacking in scale, service, and user experience via highly localized user experience, fast and reliable payment capabilities, and trusted service, Beck tells investors in a research note.
Remitly Global initiated with a Buy at Citi » 06:1910/1810/18/21
Citi analyst Andrew…
Citi analyst Andrew Schmidt initiated coverage of Remitly Global with a Buy rating and $49 price target. As a mobile-first pure play on digitally-initiated remittances, Remitly benefits from "robust secular digital remittance market growth," Schmidt tells investors in a research note. The analyst sees "significant growth runway" in existing and new remittance corridors.
Remitly Global initiated with an Overweight at Barclays » 05:5710/1810/18/21
Barclays analyst Ramsey…
Barclays analyst Ramsey El-Assal initiated coverage of Remitly Global with an Overweight rating and $48 price target. Remitly is a digital financial services provider that facilitates cross-border remittances for migrant workers in 135 countries and 1,700 corridors, El-Assal tells investors in a research note. The analyst thinks the company should be able to continue to take share from legacy competitors.