GitLab price target lowered to $50 from $75 at BofA

BofA analyst Koji Ikeda lowered the firm’s price target on GitLab to $50 from $75 and keeps a Buy rating on the shares after the company reported Q4 results above consensus, but guided to year-over-year FY24 revenue growth of 25%, which was "well below" the Street’s 39% forecast. A 25% growth guide is "not particularly poor considering the macro environment," but it is far from the 40%-plus stance management was taking a few months ago, so "it could take some time to regain investor confidence that the soft guidance is mainly macro/timing related versus a fundamental shift in the way the end-market consumes GitLab," the analyst argues.