Jefferies Cuts Price Target on Globant (GLOB) to $39 Following 3Q

Jefferies maintained a Hold rating on Globant S.A. (NYSE: GLOB), and cut the price target to $39.00 (from $40.00), following the company's 3Q earnings report. The company lowered the F16 EPS guidance range, while raising the lower-end of its F16 revs guidance range. Jefferies updated F16, F17 and F18 revenues and adjusted EPS from $321.7M/ $1.18, $386.2M/$1.47, and $463.6M/$1.78, respectively, to $322M/$1.15, $386.5M/$1.44, $464M/$1.73.

Analyst Jason Kupferberg commented, "Following GLOB's F3Q16 print yesterday, we are updating our F16, F17 and F18 revs/EPS ests for the company. We are also lowering our PT for the company from $40 to $39, but maintain our Hold-rating."

For an analyst ratings summary and ratings history on Globant S.A. click here. For more ratings news on Globant S.A. click here.

Shares of Globant S.A. closed at $40.52 yesterday.

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