GitLab price target raised to $78 from $70 at Bernstein

Bernstein raised the firm’s price target on GitLab (GTLB) to $78 from $70 and keeps an Outperform rating on the shares. GitLab’s Q3 delivered an expanded 4.6% beat vs. guidance and raised implied Q4 guidance by $2M, helping deliver an even larger 250+ basis point beat in non-GAAP operating margin, showing the trajectory and commitment to expand margins, the analyst tells investors in a research note. The background of new CEO Bill Staples positions him well as a more permanent leader of a company that aspires to stand alone and lead the future of DevSecOps, Bernstein argues.