GitLab initiated with an Outperform at FBN Securities

FBN Securities analyst Shelby Seyrafi initiated coverage of GitLab with an Outperform rating and $60 price target. Seyrafi sees three key growth drivers for GitLab which should allow the company to quickly grow over the next several years, which include growing seat growth, tiered upgrades to Ultimate from Premium, and increasing customer yield, the analyst tells investors in a research note. The analyst contends that GitLab has executed very well on its land and expand strategy.