Globant SA (GLOB) shares plummeted 10.08% in the pre-market trading session on Friday, following a price target reduction by Piper Sandler analyst Arvind Ramnani.
Ramnani lowered the firm's price target on Globant from $237 to $230, while maintaining an Overweight rating on the stock. The analyst's move weighed heavily on investor sentiment, leading to a significant pre-market sell-off for the technology company's shares.
Despite the price target cut, Ramnani's Overweight rating suggests that the analyst still believes Globant's stock has potential for further upside, although the near-term outlook may have prompted a more conservative valuation adjustment.
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