UBS downgraded Globant to Neutral from Buy with a price target of $235, up from $225. The market already priced in Globant leading the sector’s recovery back to growth, the analyst tells investors in a research note. The firm says the company has lost the discount to its 12-month historical average and is now trading at a 40% premium to Latin American and global software peers. It cites valuation for the downgrade and believes its thesis has played out.
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