DA Davidson raised the firm’s price target on GitLab (GTLB) to $60 from $50 but keeps a Neutral rating on the shares. The company beat on Q3 earnings and raised guidance as demand for security and governance capabilities within the Ultimate tier drove the results, the analyst tells investors in a research note. GitLab’s opportunity remains large as it continues to add new SKUs, though the firm remains at neutral as it views GitLab’s valuation as “a bit stretched at these levels”, the firm notes. DA Davidson added that it continues to favor JFrog (FROG), which should benefit from more code being written as a result of new tools like GitLab’s Code Suggestions that improve developer productivity.
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