It is important that long-term investors give little thought to short-term analyst price targets because predicting where a stock is going to move in just one year is similar to flipping a coin. However, Goldman Sachs analyst Will Nance has an aggressive price target on Global-E Online (NASDAQ: GLBE) of $89, implying 210% upside from today's price of $28.70. When an analyst estimates that a stock is going to grow this much, it might be smart to pay attention to the company in question.
Unlike many initial public offerings ( IPOs ) that came public last year, Global-E's shares are currently above their IPO price. They are, however, down almost 65% from their all-time highs set in September 2021. It is unclear how the stock market or Global-E's stock will perform in the short term, but this optimism warrants a look at the company to see if it can be a winner over the longer term.
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Tech Sell-Off: 1 Beaten-Down Growth Stock That Could Soar 210%, According to Wall Street