This IT stock's solid fundamentals gives it a leg up above its peers, according to UBS.
Globant's key business fundamentals should give it a leg up over its peers, according to UBS. The bank upgraded the information technology firm to buy from neutral, although it lowered its price target to $230 from $240. However, this updated price forecast still implies that Globant could rally 38% from its Friday close. Shares of Globant have slipped 29% year to date, but UBS analyst Leonardo Olmos attributed this underperformance to external factors outside of the company's control.
mountain chart "Tainted by peers' guides reduction, GLOB is now trading at 15% discount to history. The stock prices in additional 5- 10% top-line downward revisions ahead, implying GLOB will miss its guidance — which has never happened before," he wrote. Instead, Olmos noted that seasonal and bookings strength should spur positive earnings momentum in the second half of the year.
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