Needham analyst Scott Berg has maintained their bullish stance on GLBE stock, giving a Buy rating yesterday.
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Scott Berg has given his Buy rating due to a combination of factors that highlight Global-e Online’s strong performance and potential for growth. The company reported impressive second-quarter results, with revenue exceeding expectations and a notable increase in gross merchandise volume (GMV) growth. This growth was largely driven by the acquisition of new customers, indicating a robust demand for Global-e’s services.
Despite concerns about competitive pressures from Shopify’s Managed Markets changes, the company’s management has indicated that they have not lost any deals with existing Shopify merchants. This resilience against competitive dynamics, coupled with the positive financial metrics, supports the Buy rating as Global-e continues to demonstrate its ability to navigate market challenges effectively.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $48.00 price target.