As previously reported, KeyBanc analyst Arvind Ramnani upgraded Globant to Overweight from Sector Weight with a $114 price target. Having recently met with management, the analyst has a greater appreciation of its overall growth drivers, and increased margin stability. He expects overall growth of 20%-plus will be driven in the near-term by its established expertise in Digital, Cloud, Analytics, etc., and long-term by investments in its AI/Automation offerings. Further, its diversification and currency hedging have resulted in a more stable margin profile, which should lead to more consistent EPS growth, he contends.