Global-e Online price target raised to $50 from $45 at Jefferies

Jefferies analyst Samad Samana raised the firm’s price target on Global-e Online (GLBE) to $50 from $45 and keeps a Buy rating on the shares. The firm expects Global-e Online to post modest beats to gross merchandise value and total revenue as newly onboarded large merchants begin to ramp. On profitability, Jefferies sees upside to the guidance as the company continues to benefit from economies of scale. Jefferies believes investors are most focused on the Q4 guidance, noting the record-high net new gross merchandise value requirement to clear the hurdle implied by the Q3/2024 guidance. The firm thinks Global-e Online can deliver and doing so will drive shares higher.