Globant price target raised to $240 from $238 at Piper Sandler

Piper Sandler analyst Arvind Ramnani raised the firm’s price target on Globant to $240 from $238 and keeps an Overweight rating on the shares. Globant maintained mid-point of constant currency revenue growth targets, which will likely be viewed positively as investor sentiment heading into the print was negative, the analyst tells investors in a research note. The firm added that, when overall demand trends improve, it expects Globant to continue to outpace the industry as it continues to upgrade the quality of its talent pool, which in turn enables it to win higher quality work.