GitLab price target lowered to $60 from $101 at MoffettNathanson

MoffettNathanson lowered the firm’s price target on GitLab to $60 from $101 and keeps an Outperform rating on the shares post the Q4 results. The company’s growth outlook for fiscal 2024 at 25%, as compared to the 58% just reported in Q4, indicates MoffettNathanson overestimated the positive impacts of low penetration and cost savings, the analyst tells investors in a research note. However, with the shares down 30% post earnings, the valuation is "tough to ignore," contends the firm.