Piper Sandler raised the price target on Global-E Online (NASDAQ:GLBE) to $54.00 from $38.00, reiterating an Overweight rating. The company was highlighted as a high-conviction Piper Sandler Small-Cap Spotlight idea, based on an anticipated product catalyst (Shopify Markets Pro) that could drive growth in 2024 and 2025.

The analysts estimate that the company currently powers $1 billion in Gross Merchandise Volume (GMV) at Shopify, accounting for only 4% of the potential $28 billion cross-border GMV opportunity set at Shopify alone. Although there may be a short delay between new customers and the increase in GMV, the analysts see substantial upside potential compared to the consensus growth estimates of 36% for 2024.