Globant price target lowered to $190 from $200 at Scotiabank

Scotiabank lowered the firm’s price target on Globant to $190 from $200 and keeps a Sector Perform rating on the shares. The company recently reported Q1 results, with adjusted EBIT missing expectations, the analyst tells investors. Further, its outlook for the quarter and year were below market expectations, driven by near term headwinds, the firm adds. Scotiabank remains optimistic on the company’s longer-term potential but sees weakness across the digital transformation sector in the near term due to the lack of demand visibility.