BofA Securities analyst Koji Ikeda lowered the price target on Global-E Online Ltd (NASDAQ: GLBE) to $45.00 (from $47.00) while maintaining a Buy rating.

The analyst comments "Global-e (GLBE) reported good 2Q24 results, with GMV, revenue, and adj. EBTIDA above consensus. However, 2024 GMV and rev guidance was lowered for two reasons which could pressure the stock in the near-term. 1) A large customer churned after announcing its bankruptcy in May. This is unusual because large retailers that go through bankruptcy typically keep an online presence while rationalizing the rest of operations. It was noted that this was the first time this sort of dynamic happened with a customer of this scale at 3% of total revs. 2) Softer consumer sentiment in July and early August resulted in additional conservative in guidance assumptions. Positively, commentary on pipeline generation was strong. While acknowledging potential near-term sentiment headwinds from the growth guide down, we believe the underlying fundamentals are supportive of our LT Buy thesis on Global-e, highlighted in our “Revisiting the bull case” note published 7/18/24. Reiterate Buy, lower PO to $45 (from $47) for a lower rev forecast."