GitLab price target lowered to $65 from $74 at Canaccord

Canaccord lowered the firm’s price target on GitLab to $65 from $74 and keeps a Buy rating on the shares. The firm said they posted a consistent beat and raise quarter in FQ1, a refreshing contrast to some of the weaker results from software peers last week. Canaccord notes GitLab has been able to accelerate subscription revenue two quarters in a row. The company’s ability to continue to power revenue growth from seat expansions in this software buying environment is clear evidence that the platform value proposition is resonating with customers.