BTIG analyst Gray Powell raised the firm’s price target on GitLab (GTLB) to $86 from $63 and keeps a Buy rating on the shares. The company’s Q3 results were “very strong”, with operating income and earnings “substantially” above expectations, the analyst tells investors in a research note. GitLab’s Ultimate bundle take rates continue to move higher, its underlying metrics like Remaining Performance Obligation and Net Revenue Retention were all good, and commentary on AI modules like Duo and Duo enterprise as well as new products such as Dedicated and EAP were encouraging, BTIG adds.
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Read More on GTLB:
- GitLab price target raised to $77 from $70 at Morgan Stanley
- GitLab price target raised to $80 from $75 at Cantor Fitzgerald
- GitLab price target raised to $78 from $65 at Canaccord
- GitLab price target raised to $78 from $70 at Bernstein
- GitLab price target raised to $85 from $75 at Piper Sandler
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
