Global Blue initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Global Blue (GB) with an Outperform rating and $6 price target Global Blue differentiates itself as the global leader in tax-free shopping with roughly 70% market share, three-fold its nearest competitor, the analyst tells investors in a research note. Over the next two years, the firm forecasts 14% annual revenue growth, above Global Blue’s long-term target of 8%-12%. It expects Global Blue will continue to benefit from the ongoing international travel recovery and better value-added tax conversion rates.