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Benzinga
Benzinga
Business
Anusuya Lahiri

GitLab Shares Gain After JPMorgan Upgrade, Thanks To Microsoft & ServiceNow

Microsoft NOW GitLab ServiceNow JPMorgan GTLB Nasdaq GitLab Inc Microsoft Corp NYSE
  • JPMorgan analyst Sterling Auty upgraded GitLab Inc (NASDAQ:GTLB) to Overweight from Neutral with an unchanged price target of $99, suggesting an upside of 62%.
  • The analyst calls the company a "Growth All-Star" with a current valuation of less than 18-times 2022 revenue.
  • The results from Microsoft Corp (NASDAQ:MSFT) and ServiceNow Inc (NYSE:NOW) validate that the fundamentals in software continue to be very good, Auty tells investors in a research note. 
  • Related Content: Why Microsoft Shares Are Trading Higher Today
  • ServiceNow Reports Fourth Quarter and Full-Year 2021 Financial Results
  • After the bear market, the subsequent 12 months will see software stocks beating and raising on revenue outperform, and GitLab will be one of those companies, says the analyst.
  • Price Action: GTLB shares traded higher by 5.91% at $61.16 on the last check Thursday.
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