GitLab growth outlook now ‘significantly de-risked,’ says Piper Sandler

Piper Sandler analyst Rob Owens lowered the firm’s price target on GitLab to $50 from $58 and keeps an Overweight rating on the shares. The company’s Q4 results showed modest upside while the outlook for fiscal 2024 was challenged, with guidance implying 25% growth, below the prior 40% expectation last quarter, the analyst tells investors in a research note. The firm, however, believes GitLab’s growth outlook has now been "significantly de-risked." It sees a compelling entry point at current share levels.