Globant price target raised to $265 from $245 at Needham

Needham raised the firm’s price target on Globant (GLOB) to $265 from $245 and keeps a Buy rating on the shares after its Q3 results. The company saw healthy organic FX-neutral growth of 9% Y/Y as it continues to gain market share and sign new deals, with most of its regions and verticals growing sequentially, the analyst tells investors in a research note. Recovery in demand is broadening out, and this bodes well for FY25, with management indicating that it expects modest organic growth improvement next year, Needham adds.