Piper Sandler Reiterates Overweight Rating on Globant S.A. (GLOB)

Piper Sandler analyst Arvind Ramnani reiterated an Overweight rating and $238.00 price target on Globant S.A. (NYSE: GLOB).

The analyst commented, "IT Services companies (Infosys, TCS, Wipro) that have reported CY2Q suggest that there are green shoots in the demand environment. In particular, growth rates in Financial services and the U.S. have started to improve. We are incrementally more positive on the sector overall based on earnings we have seen, with our own checks suggesting that demand is "stabilizing." However, "while spend is improving," clients "are still being thorough and cautious" around new projects. As such, we would still be selective owning IT Services, and have a mid/long term view as the budgetary environment remains fluid. We continue to believe that GLOB is the most compelling midcap IT Services story, and best positioned to benefit from an enhanced demand environment. On our recent catch up, GLOB indicated that it is seeing healthy growth in Europe and seeing improvements in tech. Further, FX will likely have modest revenue headwinds, but aid margins."

For an analyst ratings summary and ratings history on Globant S.A. click here. For more ratings news on Globant S.A. click here.

Shares of Globant S.A. closed at $195.19 yesterday.

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