Wolfe Research analyst Allan Verkhovski initiated coverage of GitLab (GTLB) with a Peer Perform rating and no price target. The firm views Generative AI as a key advantage to platforms and contends that GitLab has “an immense opportunity” to demonstrate how secure they can make code created with GitLab. However, execution is “more critical than ever” given Microsoft’s (MSFT) GitHub having had a head start embedding AI and the firm is “not sold” on AI expanding GitLab’s seat opportunity, says the analyst, who estimates a fair value range of $41-$53 for GitLab shares.
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