GitLab price target raised to $76 from $71 at Bernstein

Bernstein raised the firm’s price target on GitLab to $76 from $71 and keeps an Outperform rating on the shares. On many accounts, GitLab’s Q4 print was good to great, the firm says. Revenue came in +4% vs. guide, but this was backed by billings nearly 10% above consensus, NRR increasing to 130%, Bernstein adds. The latter certainly benefited from recent price increases, but the firm thinks even when those are removed, the company’s NRR held steady quarter-over-quarter.