- Analysts painted sharp upside to GitLab Inc (NASDAQ:GTLB) post strong Q4 results that included a notable top-line beat and FY23 guidance ahead of Street expectations.
- Truist analyst Joel Fishbein lowered the PT to $105 from $175 (217.2% upside) and kept a Buy, citing the change in discount rate assumptions since the IPO.
- KeyBanc analyst Michael Turits lowered the PT to $50 from $115 (51.1% upside) given a reduction in peer valuations while keeping Overweight following robust results and outlook driven by customer adds and an over 152% DBNRR.
- Turits continues to see GitLab as the leading and broadest independent DevSecOps platform.
- BofA analyst Koji Ikeda, who has a Buy rating, lowered the PT to $65 from $105 (96.4% upside), citing multiple compression as GitLab's lock-up on employees selling shares that expired on April 12, which could create a "near-term overhang.".
- The DevOps ecosystem is currently fragmented, but GitLab's core SCM applications position the business to become a future platform winner, driving the company to become larger and more profitable over time.
- Price Action: GTLB shares traded higher by 9.35% at $36.20 on the last check Tuesday.
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GitLab Shares Pop As Analysts See Sharp Upside Post Q4
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