Globant price target raised to $275 from $266 at JPMorgan

JPMorgan analyst Tien-tsin Huang raised the firm’s price target on Globant to $275 from $266 and keeps an Overweight rating on the shares. The analyst does not expect major surprises heading into the digital IT earnings prints in the next few weeks. The firm expects softer Q1 guidance than the Street, as clients have yet to finalize full-year 2024 budgets, but foresees greater momentum in the back half of the year than the Street as it expects IT buyers to pursue continued vendor consolidation exercises in legacy areas to free up funds for project-based work that clients paused last year. Tactically, JPMorgan recommends a long Globant (GLOB), short Endava (DAVA) pair trade.