Global-e Online gains as analysts say Shopify partnership to drive growth

Global-E Online

07/06/2021 14:29

** Global-e Online  GLBE.O  rises ~4% premarket on wave of
bullish Wall Street ratings after e-commerce firm's IPO research
quiet period ends
    ** Israeli-based co's stock on Fri notched record high close
of $35.50, 42% above last month's $25 IPO price
    ** Goldman Sachs, one of the lead bookrunners for the IPO,
initiates coverage at "buy" and $44 PT
    ** "Following triple-digit growth in 2020, we expect
Global-e’s recent exclusive partnership with Shopify to
accelerate growth into 2022 and 2023," Goldman writes in note
    ** Jefferies starts also starts with "buy" and $44 PT,
saying Shopify partnership "supercharging" growth and "cements
market leadership"
    ** GLBE's take rate-based revenue model allows it to
effectively monetize GMV (gross merchandise value), Jefferies
says, and forecasts GMV and rev to grow at 55%-60% CAGR through
2023
    ** Other bullish ratings include Morgan Stanley, Piper
Sandler, KeyBanc and Raymond James
    ** Shopify  SHOP.N   SHOP.TO  has 5.5% stake in GLBE
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 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))