Piper Sandler on GitLab Inc (GTLB): 'Lack of Upside Weighs on Shares, But Agentic AI Opportunity Nears'

Piper Sandler analyst Rob Owens reiterated an Overweight rating and $70.00 price target on GitLab Inc (NASDAQ: GTLB).

The analyst commented: "Lack of Upside Weighs on Shares, But Agentic AI Opportunity Nears; Shares are trading ~9% lower after 3Q upside declined relative to 2Q, disappointing vs. what was perceived as a more conservative setup. Management highlighted some U.S. Federal softness in 3Q that resulted in some deal push-outs, contributing to the light upside. Outside of this timing noise, we believe results were strong and underscore solid execution as the company ramps up new executives. The after-hours move has sent shares to ~5x CY'26E revenue / ~21x CY'26E FCF, which we believe is materially disconnected from the company's durable Rule of 40 profile; reiterate OW."

For an analyst ratings summary and ratings history on GitLab Inc click here. For more ratings news on GitLab Inc click here.

Shares of GitLab Inc closed at $43.37 yesterday.

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