Globant S.A. (GLOB) PT Lowered to $238 at Piper Sandler

Piper Sandler analyst Arvind Ramnani lowered the price target on Globant S.A. (NYSE: GLOB) to $238.00 (from $290.00) while maintaining a Overweight rating.

The analyst commented, "GLOB 1Q revenues came in modestly ahead of expectations, and EPS was in-line. The company changed guidance format to a range vs. usage of “at least.” Impressively, organic constant currency revenue targets were left essentially unchanged at the mid-point of the range; however, skeptics will focus on the lower end of the range, and the company moving margins and EPS to a lower point. We view these results positively, given peer results and GLOB's continued industry leading growth. In our view, GLOB continues to outpace growth of its peers powered by its client mix, operational stability, willingness to invest in new markets/clients, and a well-oiled M&A engine. Further, these faster growth rates enables the firm to attract & retain higher quality talent, which in turn enables it to win higher quality work. We reiterate our OW rating on GLOB, but lower our PT (to $238) primarily due to peer group multiple compression."

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