GitLab price target lowered to $60 from $67 at Piper Sandler

Piper Sandler analyst Rob Owens lowered the firm’s price target on GitLab to $60 from $67 and keeps an Overweight rating on the shares. The company’s Q3 results were better than feared, with demand proving resilient despite the broader macro backdrop, Owens tells investors in a research note. The analyst believes the "strong demand dynamics witnessed during the quarter are indicative of the compelling value proposition offered by the platform." He thinks the company will continue to capitalize on consolidation tailwinds going forward.