GitLab price target lowered to $50 from $65 at Truist

Truist lowered the firm’s price target on GitLab to $50 from $65 but keeps a Buy rating on the shares after its Q4 results and guidance. The analyst notes that the company’s management has revised its FY24 revenue growth projection from 40% to 25% as effects from the deteriorating macro produced acute headwinds during the quarter that have persisted into Q1. The firm adds however that while the slowing macro has impacted GitLab expansion motion where seat growth is a significant contributor over the near term, the company’s long term fundamentals remain intact.