Globant price target raised to $266 from $218 at KeyBanc

KeyBanc raised the firm’s price target on Globant to $266 from $218 and keeps an Overweight rating on the shares. Globant saw outsized organic growth relative to peers in 2023 driven by Enterprise studio, Sports vertical success, and geographic expansion, and GenAI also served as a catalyst, mainly tied to infrastructure upgrades and note potential for increased scope of bookings as more clients and prospects look to leverage the technology, the analyst tells investors in a research note.