Globant price target lowered to $220 from $265 at Needham

Needham analyst Mayank Tandon lowered the firm’s price target on Globant (GLOB) to $220 from $265 and keeps a Buy rating on the shares. The company’s Q4 results were mixed as revenue was a touch lighter than expected due to FX headwinds but favorable below-the-line items helped drive the EPS beat, the analyst tells investors in a research note. The larger focus was on the weaker than expected Q1 guide which factors in FX headwinds, softer spending at Disney, and political/economic uncertainty in LATAM, the firm adds.