UPDATE: Credit Suisse Downgrades Globant SA to Underperform, Reiterates $14 PT on Valuation

In a report published Wednesday, Credit Suisse analyst Georgios Mihalos downgraded the rating on Globant SA GLOB from Neutral to Underperform, but reiterated the $14.00 price target. In the report, Credit Suisse noted, “We are downgrading shares of GLOB to Underperform from Neutral as the shares have eclipsed our $14 Target Price. At this time, we do not believe multiple expansion is warranted and we are making no changes to our estimates, which are ahead of consensus on an adjusted basis.” Globant SA closed on Tuesday at $14.43.