Wells Fargo bullish on Global-e Online, initiates with an Overweight

As previously reported, Wells Fargo initiated coverage of Global-e Online (GLBE) with an Overweight rating and $50 price target. With multiple avenues to beat top-line expectations over the next several years, including contributions from its anchor partner Shopify (SHOP), the firm sees Global-e Online shares well positioned to live up to valuation. While Wells anticipates management to continue to invest ahead of long-term secular trends in cross-border e-commerce, when thinking about the pipeline of volume expected over the next two years, the firm believes Global-e Online’s operating leverage story is far from over, and sees over $240M of 2025 adjusted EBITDA in its bull case.