Bernstein initiated coverage of GitLab with an Outperform rating and $62 price target. There are only a few developer tool companies “at scale and with a strong enough competitive durability,” and GitLab is one of them, the analyst tells investors in a research note. The firm believes that over the next couple of years, the company may grow as much as two-times faster than the sell-side anticipates. Bernstein sees a “line of sight” to 30% non-GAAP operating margins based on its “visible” operating leverage.
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