Wolfe upgrades GitLab to Outperform on attractive risk/reward

Wolfe Research upgraded GitLab to Outperform from Peer Perform with a $75 price target. Following GitLab’s print which sent shares down 21%, the firm sees a “story of potentially being one of the fastest growers in software this year with multiple product catalysts and significant upside from pricing.” GitLab is one of the fastest growers in software this year with multiple product catalysts and significant upside being driven from pricing, the analyst tells investors in a research note. The firm says investors can have all this at a relative valuation discount instead of a premium, making the stock’s risk/reward attractive.