GitLab price target raised to $85 from $75 at Piper Sandler

Piper Sandler raised the firm’s price target on GitLab (GTLB) to $85 from $75 and keeps an Overweight rating on the shares. GitLab’s Q3 results showed momentum, with results topping expectations and leading to a raise across the annual ranges, and while the CEO transition adds some uncertainty to the forward narrative, Piper remains confident in the company’s ability to continue driving execution moving forward due to Duo picking up momentum, Ultimate traction remaining strong, and churn and contraction pressure at a 12-quarter low, the analyst tells investors in a research note. GitLab remains a top idea in the firm’s coverage, Piper adds.