RBC Capital analyst Matthew Hedberg raised the firm’s price target on GitLab to $62 from $60 and keeps an Outperform rating on the shares. The company’s Q2 results saw a “strong” beat and raise as the macro environment appears to have stabilized relative to Q4 of FY23, the analyst tells investors in a research note. GitLab’s key growth drivers continue to track well, including in-line/positive customer response to the Premium price increase, solid adoption of Dedicated, and strong growth from Ultimate, the firm added. RBC is also raising its FY24 EPS view by 10c to (6c) to reflect the company’s “strong execution”.
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