Global-E Online Ltd (GLBE) PT Raised to $47 at BofA Securities

BofA Securities analyst Koji Ikeda raised the price target on Global-E Online Ltd (NASDAQ: GLBE) to $47.00 (from $46.00) while maintaining a Buy rating.

The analyst comments "Global-e (GLBE) reported strong 1Q24 results with GMV, revenue, and adj. EBITDA above consensus. 2024 guidance for GMV (+$35mn midpoint), revenue (+$2mn mid), and adj EBITDA (+$3mn mid) was also raised. To be balanced, you could pick on the 2024 guidance being raised less than the 1Q24 beat, and 2Q24 guidance being below the Street. However, we look beyond this. Our long-term bullish thesis that Global-e is becoming the global eCommerce cross border transaction category leader is unchanged. Reiterate Buy, raising PO to $47 for solid 1Q24 execution."

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