Report published August 13, 2026
Globant SA (GLOB) Equity Research: Goldman Sachs Analysis on Demand Trends & Margins
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 13, 2026
- Analysis as of
- August 13, 2026
Authors / editors: James Schneider, Ph.D. (Primary Analyst), Luya You (Analyst), Khalil Fenina (Analyst), Anmol Makkar (Contributing Author)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs maintains a Neutral rating on Globant SA while lowering its 12-month price target to $52 from $60 following 2Q26 margin misses and reduced FY26 guidance. Macroeconomic pressures and foreign exchange headwinds continue to depress client demand for digital transformation projects.
Key Takeaways
- 1.Globant lowered its FY26 revenue guidance to (1.1%) to 0.3% Y/Y and cut adjusted operating margin and EPS forecasts amid sluggish client demand and macroeconomic pressures.
- 2.Goldman Sachs lowered its 12-month price target to $52 from $60 and cut FY26-28 EPS estimates while maintaining a Neutral rating on the stock.
- 3.AI Pods business remains a bright spot, with expected annual exit run rate ARR raised to $110mn (up from $60-$100mn) by the end of 2026.
Table of Contents
- Commentary from the call:
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement ($ mn)
- Balance Sheet ($ mn)
- Cash Flow ($ mn)
- 3Q revenue results in line with the Street, but margins are below:
- 2026 guidance lowered:
- Read-through to our coverage:
- Estimate changes:
- Price target and risks:
- Exhibit 1: Globant - Variance summary
- Exhibit 2: Globant - Estimate changes
- Exhibit 3: Globant - Price target methodology
- Disclosure Appendix
Report data
Exhibit 1: Globant - Variance summary — as of August 13, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12m Price Target | 52.00 USD | Lowered from $60.00 prior |
| Stock Price | 40.99 USD | Price as of close on August 13, 2026 |
| 2Q26 Total Revenue | 614 USD mn | Actual reported revenue in line with Street consensus ($613mn) |
| 2Q26 Non-GAAP Operating Margin | 13.2% | Below Street estimate of 14.3% and GS estimate of 14.0% |
| AI Pods Exit ARR Target | 110 USD mn | Expectation raised from $60-$100mn prior |
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Authors / Editors
Reported Data Context
- 12m Price Target: 52.00 USD (12-Month) · Source: Goldman Sachs Research
- Stock Price: 40.99 USD (2026-08-13) · Source: FactSet
- 2Q26 Total Revenue: 614 USD mn (2Q26) · Source: Company data
- 2Q26 Non-GAAP Operating Margin: 13.2 % (2Q26) · Source: Company data
- AI Pods Exit ARR Target: 110 USD mn (FY26 Exit) · Source: Company data
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