Citi ups Globant target, opens ‘positive catalyst watch’

Citi analyst Ashwin Shirvaikar raised the firm’s price target on Globant to $275 from $215 and keeps a Buy rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. The firm expects Globant to beat Q4 expectations and provide initial Q1 and 2024 sales outlooks that exceed expectations. The outperformance will come from some stabilization of the demand environment, contribution from recent acquisitions, initial 2024 commentary from the company last earnings likely being conservative, the analyst tells investor sin a research note.