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GitLab price target raised to $50 from $45 at DA Davidson

DA Davidson raised the firm’s price target on GitLab to $50 from $45 but keeps a Neutral rating on the shares. The company’s Q2 results marked a “solid beat” as customer buying behavior seems to have stabilized, though its guidance remains modest with the main drivers of revenue reacceleration not yet meaningful for FY24, the analyst tells investors in a research note. GitLab has one of the higher multiples in software, and the upside in the stock may be limited in the near term, the firm added.

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