03:53 PM EDT, 10/16/2024 (MT Newswires) -- Globant ( GLOB ) is likely to see a "solid" Q3 performance, with revenue growth driven by Europe and emerging markets despite challenges from US elections and foreign exchange rates, UBS said in a note emailed Wednesday.

"We expect pressures from North America due to some stand-by mode around US elections, and foreign exchange hindering Latin America growth, more than offset by Europe and new markets showing sequential growth," UBS said.

UBS forecasts Q3 revenue of $615 million, a jump of 13% from a year earlier and a rise of 5% from the previous quarter. It also estimates adjusted EPS of $1.60, up 8% year over year and up 6% quarter over quarter, according to the note.

Globant ( GLOB ) is also expected to see a slight improvement in margins due to increased utilization rates and favorable foreign exchange movements, UBS said.

UBS maintained its neutral rating and 12-month price target of $235 on Globant's ( GLOB ) stock.

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