Global-E Online Analysts Cut Their Forecasts After Q3 Results - Global E Online (NASDAQ:GLBE)

Global-E Online Ltd. (NASDAQ:GLBE) reported worse-than-expected third-quarter revenue results and issued weak FY23 revenue guidance.

Global-E Online reported third-quarter FY23 sales growth of 27% year-over-year, to $133.605 million, missing the consensus of $140.97 million. Loss per share of $(0.20) beat the consensus loss of $(0.23).

The company reduced the FY23 revenue outlook to $563 million-$571 million (prior expectation $570 million-$596 million), vs. the consensus of $588.85 million.

Global-E Online shares fell 27.1% to close at $28.75 on Wednesday.

These analysts made changes to their price targets on Global-E Online following earnings announcement.

Raymond James cut the price target on Global-E Online from $45 to $41. Raymond James analyst Brian Peterson maintained an Outperform rating.
Keybanc slashed the price target on Global-E Online from $42 to $40. Keybanc analyst Josh Beck maintained an Overweight rating.
Morgan Stanley lowered the price target on Global-E Online from $41 to $33. Morgan Stanley analyst James Faucette maintained an Equal-Weight rating.
Needham analyst Scott Berg, meanwhile, reiterated Global E Online with a Buy and maintained a $48 price target.

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GLBEGlobal E Online Ltd

$38.98-%

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