RBC Capital analyst Matthew Hedberg upgraded GitLab Inc. to Outperform from Sector Perform with an unchanged $90 price target, suggesting a 35 percent upside.
The analyst cites the stock’s “more reasonable valuation” after a pullback in price.
Hedberg adds that he remains bullish on GitLab taking a significant share in the estimated $40 billion DevSecOps market, as its platform approach allows developers, security experts, and business operation professionals to build and deploy secure applications at a rapid pace.
By Anusuya Lahiri
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