Globant price target lowered to $221 from $224 at JPMorgan

JPMorgan analyst Tien-tsin Huang lowered the firm’s price target on Globant to $221 from $224 and keeps an Overweight rating on the shares. The analyst remains cautious going into the earnings of digital IT services companies, citing weak near-term demand for project -based services and a shift toward cost- cutting projects "that aren’t this group’s forte." The need for conservatism could keep 2023 growth guidance below Street expectations, the analyst tells investors in a research note.