Remit-Trends Newsletter: U.S. Outbound Remittance Acceleration Sets Up More Constructive Q2; We Lower WU Estimates on IMXI Deal Timing

研报英文原文证据摘录

Remit-Trends Newsletter: U.S. Outbound Remittance Acceleration Sets Up More Constructive Q2; We Lower WU Estimates on IMXI Deal Timing

J P M O R G A N North America Equity Research

10 July 2026

Remit-Trends Newsletter

U.S. Outbound Remittance Acceleration Sets Up More

Constructive Q2; We Lower WU Estimates on IMXI

Deal Timing

We continue our quarterly analysis of remittance trends (last publication). We Payments, Processors & IT Services

ACanalyze remittance data from central banks in major recipient countries, assess Tien-tsin Huang, CFA

selective pricing for large money transfer providers, and preview our C2Q (1-212) 622-6632

expectations ahead of earnings for RELY, WU, and WSE (OW-rated, McDowell). tien-tsin.huang@jpmorgan.com

U.S. outbound remittance volumes accelerated and pricing checks are up in 2Q26, J.P. Morgan Securities LLC

setting a more constructive backdrop for the group. Volume-weighted U.S. Puneet Jain

outbound accelerated to +4% y/y (vs +2% last Q), with key U.S.-to-Mexico (1-212) 622-1436

puneet.x.jain@jpmorgan.com

corridor up +5% y/y (through May) vs +3% last Q, as Q2 comps ease after J.P. Morgan Securities LLC

lapping last year’s U.S. admin’s immigration policy-driven headwinds. Ex-U.S.

Abbey Hochreiner

flows are supportive, with UAE outbound re-accelerating and Europe stable while (1-212) 270-5798

Saudi Arabia is cooling from still-strong levels. Against that setup, we are lowering abbey.hochreiner@jpmchase.com

WU’s reported estimates and our PT to $8 (from $9) on IMXI deal timing shifting J.P. Morgan Securities LLC

later, and we conservatively (with no guidance) assume deal closes in 4Q26 (vs European Tech Hardware &

2Q26 prior). Given delayed deal timing, we expect a messy reaction to the print as Payments