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Piper Sandler Upgrades GitLab, Sees 45% Upside

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  • Piper Sandler analyst Rob Owens upgraded GitLab Inc (NASDAQ: GTLB) to Overweight from Neutral with an unchanged price target of $100, suggesting a 45.2% upside.

  • Many of the demand drivers positively impacted cybersecurity spending in 2021 remain in play as we enter 2022, Owens tells investors in a research note.

  • Add to that a "relatively optimistic" IT spending outlook with security prioritization forecasted to continue in 2022, and the "perfect storm" for increased cybersecurity demand will sustain, says the analyst.

  • Owens upgraded GitLab citing the "shift left and developer-focus" in 2022.

  • GitLab is the DevOps platform that empowers organizations to maximize the overall return on software development by delivering software faster and efficiently while strengthening security and compliance.

  • Price Action: GTLB shares traded higher by 2.37% at $70.50 in the premarket session on the last check Thursday.

Latest Ratings for GTLB

Jan 2022

Piper Sandler

Upgrades

Neutral

Overweight

Dec 2021

JP Morgan

Maintains

Neutral

Dec 2021

Cowen & Co.

Maintains

Outperform

View More Analyst Ratings for GTLB
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