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On Monday, KeyBanc Capital Markets adjusted its outlook on Global-E Online Ltd (NASDAQ:GLBE) shares, lifting the price target to $65 from the previous $55 while retaining an Overweight rating on the stock. The revision reflects a more optimistic view of the company’s growth potential through its partnership with Shopify (NYSE:SHOP). The stock, currently trading at $61.20, has shown remarkable momentum with a 78% gain over the past six months, according to InvestingPro data.
Justin Patterson, an analyst at KeyBanc, provided insights into the company’s growth trajectory, particularly focusing on the potential for increased gross merchandise volume (GMV) in the year 2025. Patterson’s sensitivity analysis considered scenarios where core GMV growth ranged from 25% to 35%, with Shopify cross-border penetration varying between 0.25% and 1.5%. This analysis indicated that Global-E Online could see a GMV growth potential of 28% to 52% for the year 2025. The company has already demonstrated strong growth momentum, with revenue increasing 28.76% in the last twelve months.
The partnership with Shopify is seen as a key driver for this growth, as it is expected to enhance the merchant experience and bolster sales efforts through native integration. According to Patterson, the collaboration is progressing well and should contribute to a stronger pipeline moving forward. While currently trading above InvestingPro’s Fair Value estimate, the company maintains strong fundamentals with a healthy current ratio of 2.18 and minimal debt. For deeper insights into Global-E Online’s valuation and growth metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In addition to the price target increase, KeyBanc also adjusted its financial projections for Global-E Online. While the 2025 revenue estimates were slightly lowered due to changes in Services Take Rates, the adjusted EBITDA estimates were raised based on the assumption of greater model leverage. The new price target of $65 is based on an 8.5 times forward year 2026 enterprise value to sales (EV/S) ratio, reflecting confidence in the reacceleration of global eCommerce and the GMV upside from the Shopify cross-border penetration. The company currently trades at a high EV/EBITDA multiple of 114.73x, with analyst price targets ranging from $52 to $68.
In other recent news, Global-E Online has been the subject of several analyst upgrades following robust financial performance and strategic developments. Jefferies raised its price target for the company to $63 based on positive investor meetings with the company’s CEO and CFO, maintaining a Buy rating. The firm highlighted the company’s potential for growth and profitability, as well as its ability to navigate potential challenges such as tariffs.
In a separate analysis, Needham reaffirmed a Buy rating for Global-E Online, following a 43% year-over-year growth in cross-border e-commerce sales during the Black Friday to Cyber Monday weekend. The firm believes this performance supports their current quarter Gross Merchandise Volume growth estimate of 38.5%.
KeyBanc Capital Markets also adjusted its outlook on Global-E Online, increasing the price target to $55.00 while maintaining an Overweight rating. This followed the company’s third-quarter financial results which surpassed expectations, and the introduction of a demand generation product expected to contribute to growth.
Jefferies again upgraded Global-E Online’s price target to $58, noting the company’s solid third-quarter performance and positive consumer trends. Lastly, Benchmark upgraded the price target for Global-E Online to $60, highlighting strong gross merchandise volume momentum and a favorable guidance. These recent developments reflect a broad consensus among analysts on the company’s strong performance and growth potential.
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