Shares of Global-E Online Ltd. (GLBE) fell sharply on Thursday, plummeting 5.11% in intraday trading. The sell-off was likely driven by an analyst's downward revision of the company's price target.
Benchmark, a research firm, lowered its price target on GLBE from $68 to $64, despite maintaining a Buy rating on the stock. While the firm continues to hold a positive view on Global-E Online, the price target cut suggests reduced near-term optimism about the company's prospects.
The analyst action sparked selling pressure on GLBE shares, as investors reacted to the lower valuation placed on the stock by Benchmark. However, it's worth noting that the firm still recommends buying the stock, albeit at a lower price target.
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