Needham Reiterates Buy Rating on Global-E Online Ltd (GLBE)

Needham analyst Scott Berg reiterated a Buy rating and $55.00 price target on Global-E Online Ltd (NASDAQ: GLBE).

The analyst commented: "On Tuesday, GLBE announced a 43% YoY increase in cross-border e-commerce sales during the Black Friday Cyber Monday weekend. While certain details were undisclosed, we believe this growth is supportive of our current 4Q GMV growth estimate of 38.5% and likely signals some upside, assuming results from this small sample size remain consistent throughout the quarter. The company noted strength across a multitude of markets and noted Black Friday edged out Cyber Monday for the strongest day of the weekend. With Shopify (SHOP) reporting strong overall and cross-border results, and with the Managed Markets impact continuing to ramp, we believe GLBE is well positioned heading into 4Q."

For an analyst ratings summary and ratings history on Global-E Online Ltd click here. For more ratings news on Global-E Online Ltd click here.

Shares of Global-E Online Ltd closed at $52.35 yesterday.

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