Shares of Remitly Global, Inc. (RELY) surged over 5% on Friday after Barclays analyst Ramsey El-Assal raised the firm's price target on the stock to $20 from $16, citing positive outlook.
El-Assal maintained an Overweight rating on RELY, indicating that Barclays remains bullish on the global remittances company. The analyst's higher price target suggests potential upside of around 25% from the stock's previous close.
The upbeat analyst action from Barclays appears to be the primary driver behind RELY's stock jump today as investors reacted positively to the increased price target and reiterated Overweight stance.
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