Benzinga | Sep 21, 2021 08:00AM EDT

Goldman Sachs Sees 26% Upside For Globant - Read Why

* Goldman Sachs analyst Diego Aragao upgraded Globant SA (NYSE:GLOB) to Buy from Neutral with a price target of $395, up from $235, implying a 26.1% upside.

* Globant is well-positioned to continue providing value-added services and a "differentiated" offering while taking advantage of the growing global demand for digital solutions, Aragao notes.

* Aragao believes Globant can sustain current relative valuation levels given the "superior-quality of its offerings."

* He remains constructive on the Latin American Technology sector, expecting the urgency of digitalization to continue driving improved sales growth and margin expansion for at least the next three years.

* Price Action: GLOB shares closed lower by 2.2% at $313.12 on Monday.