Piper Sandler analyst Rob Owens continues to see GitLab as a top idea after analyzing company data surrounding the maturity and competitiveness of the platform, which he says is expected to accelerate over the coming 12 months. There is a $1B "up-tier opportunity" in GitLab’s existing customer base today, despite the company being in the early stages of customer acquisition, Owens tells investors in a research note. He thinks these factors warrant a premium valuation, and expects GitLab to continue executing against its $40B DevOps opportunity going forward. Owens reiterates an Overweight rating on the shares with a $67 price target.
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