Globant S.A. (GLOB) PT Raised to $245 at Needham

Needham analyst Mayank Tandon raised the price target on Globant S.A. (NYSE: GLOB) to $245.00 (from $200.00) while maintaining a Buy rating.

The analyst comments "GLOB reported 2Q24 results that came in above expectations on both revenue and EPS as healthy demand paired with good execution drove the solid results. The 3Q guide was mixed (due to FX headwinds) and the FY24 revenue outlook was narrowed (midpoint held constant), though it still calls for industry-leading ~10% organic growth and higher margins and EPS. Management noted 1H24 bookings are 17% higher than 2H23 and the company is seeing strong adoption for its AI-based offerings, which we expect to serve as a tailwind to LT growth. GLOB also saw Q/Q growth in all geographies and most verticals, which we believe is a sign that the demand backdrop is healthy and GLOB remains a share gainer. We see room for the shares to re-rate as growth accelerates in 6-12 months and are therefore reiterating our BUY rating and raising our target to $245."

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