Globant price target raised by $40 at Piper Sandler, here’s why

Piper Sandler raised the firm’s price target on Globant to $257 from $217 and keeps an Overweight rating on the shares. The firm’s CIO Survey highlighted improved expected spend for IT Services in 2024, and recent management conversations were optimistic and constructive, the analyst tells investors in a research note. Globant is on track to continue to outpace competitor growth in CY24, and Piper believes that a big driver to upside will likely come from fundamental outperformance.