Globant upgraded to Neutral from Sell at Redburn Atlantic

Redburn Atlantic analyst Harry Read upgraded Globant (GLOB) to Neutral from Sell with a price target of $150, up from $140. The firm says expectations were high heading into the company’s fiscal 2024 results with the stock’s valuation requiring a material acceleration in organic revenue growth. The absence of this triggered a 20% de-rating of the equity alongside 6% earnings downgrades for fiscal 2025, the analyst tells investors in a research note. Redburn believes that given the sharp recalibration in Globant’s valuation, there is limited further downside to the shares.