Global-e Online price target raised to $54 from $38 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Global-e Online to $54 from $38 and keeps an Overweight rating on the shares. The analyst flags Global-e Online as a “high-conviction Piper Sandler Small-Cap Spotlight idea to own,” citing a “compelling” new product catalyst later this year, enabling Shopify Markets Pro, that could help sustain or even accelerate growth in 2024 and 2025. The firm estimates Global-e Online is powering $1B gross merchandise volume at Shopify (SHOP) that represents just 4% of the potential $28B cross-border GMV opportunity set at Shopify alone. Piper sees material upside to consensus growth estimates of 36% for 2024.