- Analysts boosted their price targets on Global-E Online Ltd GLBE, betting on efficient execution amid odds and multiple levers for growth.
- Morgan Stanley analyst James Faucette maintained GLBE with an Overweight and raised the price target from $34 to $51.
- He highlighted that management executed efficiently despite a turbulent macro environment, delivering new client wins while implementing their M&A strategy.
- Looking ahead, he saw multiple levers for continued rapid growth into '23, including progress in APAC outbound, land and expand optionality with more prominent brands, and partnership acceleration, pushing him incrementally bullish on the compounding potential of GLBE's platform.
- Independent of GLBE's topline trajectory, recent margin increases support his confidence in GLBE's longer-term profit potential.
- GLBE's 2Q22 results push him incrementally positive on the company's growth trajectory into '23, as management navigates through challenging macro well and growth drivers support continued compounding.
- Keybanc analyst Josh Beck maintained GLBE with an Overweight and raised the price target from $30 to $40.
- Based on his research, he saw Global-E's unique platform (e.g., open SaaS, broad and deep 3P integrations, end-to-end capabilities, demonstrable ROI) poised for sustained share gains at existing customers and new logos based on the prospects for a meaningful lift in e-commerce conversion (i.e., sales) alongside cost savings.
- He forecasted modest share gains from 0.2% to 0.4% in the next several years, which could prove conservative if expansion (i.e., additional countries/corridors), new logos/verticals/geographies, and/or the Shopify partnership ramp ahead of expectations.
- Price Action: GLBE shares traded higher by 3.90% at $35.33 on the last check Wednesday.
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