GitLab initiated with a Neutral at Mizuho

Mizuho analyst Gregg Moskowitz initiated coverage of GitLab with a Neutral rating and $38 price target. The company’s single codebase architecture is "very well suited to help businesses address critical DevSecOps needs," said the firm, which believes that GitLab can meaningfully benefit from vendor consolidation over time. However, despite enthusiasm for its platform, the firm thinks tougher macro conditions "appear to be having an outsize effect" and believes execution is likely to be choppy over the next twelve months.