KeyBanc analyst Jason Celino lowered the firm’s price target on GitLab (GTLB) to $60 from $80 to reflect the incremental risk associated with public sector deals, as well as the overall pullback in software valuations. The firm keeps an Overweight rating on the shares. KeyBanc’s checks indicate Q1 bookings may be fine but to get ready for cautious updated guidance as pipelines build while signings slow.
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