GitLab price target lowered to $55 from $75 at RBC Capital

RBC Capital analyst Matthew Hedberg lowered the firm’s price target on GitLab to $55 from $75 and keeps an Outperform rating on the shares. Hedberg continues to like the company’s strategic outlook within DevSecOps and the platform approach that should benefit from market consolidation and multiple tailwinds, the analyst tells investors in a research note. He expects another beat-and-raise quarter, but potentially with less upside than previously forecast with an eye toward the macro.