DA Davidson analyst Lucky Schreiner reiterated a Neutral rating and $45.00 price target on GitLab Inc (NASDAQ: GTLB).

The analyst commented: "Shares are down ~28% YTD compared to the IGV up ~3% as sentiment remains negative towards competitive threats from new Gen AI coding tools and lack of upside to developer headcount growth. GTLB continues to trade at a discount to growth peers after a large beat but reiterated FY26 guide last quarter. Expectations for 3Q26 results do not embed much upside but GTM investments and consumption pricing are catalysts for next year. As a result we expect a standard beat and raise. Recent take out rumors provide a valuation floor but given the declining growth path we maintain our NEUTRAL rating."

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Shares of GitLab Inc closed at $41.06 yesterday.