RBC Capital lowered the firm’s price target on GitLab to $65 from $74 and keeps an Outperform rating on the shares. The company’s Q1 results were “solid” in pairing a slightly smaller than historic top-line beat with strong profitability, the analyst tells investors in a research note. GitLab management also noted no significant macro changes from Q4, though the firm’s price target cut reflects peer multiple compression, RBC added.
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