Morgan Stanley analyst James Faucette upgraded Global-E Online Ltd (NASDAQ: GLBE) from Equalweight to Overweight with a price target of $37.00 (from $33.00).

The analyst comments: "We have increased confidence in the company's ability to execute on the implied 2H24 acceleration, with cushion coming from a building pipeline of larger merchants, where we think many investors are harboring a heightened level of apprehension. We are also encouraged by the rapidly approaching cross-over to GAAP profitability (2Q25). We think investors, particularly those with longer duration, should be taking advantage of: 1) reduced valuation; 2) understated GAAP profitability in '25, '26, and beyond; and 3) apprehension surrounding the back-half acceleration. Our prior Equal-weight thesis was predicated on a significant expansion in the market's growth expectations for GLBE that translated to fairly demanding valuation multiples, both of which have moderated to what we consider to be much more reasonable levels."

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Shares of Global-E Online Ltd closed at $30.69 yesterday.