Needham analyst Scott Berg maintained a Buy rating on Global-e Online today and set a price target of $47.00.
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Scott Berg’s rating is based on several positive developments at Global-e Online. The company is experiencing a shift in consumer behavior, leading to stronger-than-expected sales in early November, which suggests potential upside to their fourth-quarter gross merchandise volume estimates. This positive trend is a key factor in the Buy rating.
Additionally, the introduction of the Duty Import Drawback solution is expected to significantly enhance Global-e’s take rate, potentially adding 50 basis points. This solution, with its high-margin software-like characteristics, is anticipated to expand beyond the US, further boosting the company’s financial performance. The upcoming enhancements in Managed Markets are also expected to drive higher adoption rates, contributing to the company’s growth prospects.
In another report released yesterday, Benchmark Co. also reiterated a Buy rating on the stock with a $52.00 price target.