GitLab price target lowered to $62 from $70 at Mizuho

Mizuho lowered the firm’s price target on GitLab to $62 from $70 and keeps a Buy rating on the shares. The company reported a solid Q1, as revenue growth of 33% year-over-year surpassed the Street’s 31% forecast, the analyst tells investors in a research note. The firm says that while a somewhat lower percentage beat than typical, GitLab cited a relatively consistent macro backdrop, “not something to discount in software these days,” with impressive seat expansion, and it raised fiscal 2025 guidance by more than the Q1 beat. Mizuho cites lower comp multiples for the target cut but remains confident in GitLab’s ability to execute and grow at a high level.