Morgan Stanley upgraded Global-E Online Ltd. to Overweight from Equalweight. It raised its price target to $50 from $46.
The bank cited sustained same-store-sales growth, which is currently in the mid-teens. That is 500 to 600 basis points above the company’s historical range.
Morgan Stanley said it expects Global-E to continue generating gross merchandise value (GMV) growth of more than 30%.
Global-E shares rose approximately 3% in premarket trading to $40.00.