GitLab price target raised to $80 from $74 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on GitLab (GTLB) to $80 from $74 and keeps an Overweight rating on the shares. GitLab reported solid Q3 revenue and operating margin results, driven by broad-based strength and continued momentum with Duo, provided better than expected Q4 guidance, and announced that Sid Sijbrandij will be succeeded by Bill Staples as CEO, the analyst tells investors in a research note. The firm remains encouraged by GitLab’s consolidation wins and large deal activity.