GitLab price target raised to $60 from $56 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on GitLab to $60 from $56 and keeps an Outperform rating on the shares. The firm is confident in its bullish stance on the company consolidating fragmented DevSecOps spending and its strong opportunity to monetize Generative AI following its meetings with the management, the analyst tells investors in a research note. FY24 revenue and margin progression are also a positive, while FY25 could have an upward bias to both revenue and profitability due to several company-specific drivers, RBC added.