Piper Sandler has revised its price target for Globant (GLOB, Financial), lowering it to $154 from the previous $230 while maintaining an Overweight rating on the stock. This adjustment comes amid revised estimates for firms within its IT services sector.
The financial services firm anticipates that Globant's first-quarter results are likely to align with expectations. However, there is an increased risk for the company's performance in the latter half of the year. Influencing this outlook are the shifting tariff policies, the recent 90-day extension, and ongoing trade tensions with China, which are projected to impact enterprise technology spending.
Piper Sandler forecasts that these factors will lead to more cautious decision-making around the initiation of new technology projects, potentially slowing down the expected growth trajectory within the industry.
