Global-e Online (GLBE) is on its way to establishing itself as the "de facto platform" within an expected $114 billion cross-border ecommerce market by 2030, with the company estimated to increase its total addressable market penetration to 2.6% from 1.3% by 2030, BofA Securities said in a Tuesday note.

The company's revenue model is directly tied to gross merchandise value volumes flowing through its platform, meaning that Global-e Online has direct exposure to consumer spending trends, BofA said, adding that the company recorded GMV growth of 38% year-on-year in Q4, up from 33% in Q3.

Building on this, BofA said that the company can sustain a medium-term GMV growth of 30% and more even if consumer spending softens, as it is supported by a merchant base comprised of rapidly growing brands that continue ramp volumes and its GMV exposure is skewed towards higher-income consumer spending.

BofA reinstated its coverage of Global-e Online with a buy rating and a $43 price target.

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