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Benzinga

Business

Anusuya Lahiri

Here's Why RBC Capital Sees Sharp Upside In GitLab

GitLab RBC Capital GTLB GitLab Inc

RBC Capital analyst Matthew Hedberg upgraded GitLab Inc (NASDAQ:GTLB) to Outperform from Sector Perform with an unchanged $90 price target, suggesting a 35% 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.
Price Action: GTLB shares traded higher by 8.29% at $66.72 on the last check Friday.

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