Globant price target raised to $275 from $215 at Needham

Needham raised the firm’s price target on Globant to $275 from $215 and keeps a Buy rating on the shares. The analyst states that the recent meetings with the company management focused on the current demand environment and expectations for 2024 given the moderated spending levels from Global 2000 firms over the past several quarters due to the challenging macro environment. While the recovery in digital transformation spend is likely to be gradual, the firm is “impressed” with Globant’s strong sales execution and industry leading growth in recent quarters, expecting organic growth to accelerate as macro conditions improve, Needham tells investors in a research note.