Piper Sandler downgraded Globant (GLOB) to Neutral from Overweight with a price target of $116, down from $154. The company reported Q1 below the Street and lowered fiscal 2025 targets, the analyst tells investors in a research note. The firm says that while Globant is well positioned longer term given its offering, it will be hard for the company to take steps to drive meaningful upside to broader demand trends. Piper notes the company saw a decline in the number of $1M/$100,000 customers in Q1 and in its headcount sequentially.
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