- BofA analyst Koji Ikeda initiated coverage on Global-E Online Ltd GLBE with a Buy rating and $80 price target, implying a 19% upside.
- Ikeda said the company screened well in terms of its $357B addressable market that is "ripe for disruption" and its competitive moat around a platform built for cross-border transactions with international expansion being top-of-mind for many retailers.
- The analyst added that he is positive about Global-e having a "large and growing" customer base with the potential to be a category consolidator, as well as the business, is already profitable on an adjusted EBITDA and free cash flow basis.
- Price Action: GLBE shares are trading higher by 3.71% at $67.31 on the last check Wednesday.
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