GitLab price target raised to $60 from $55 at BofA

BofA analyst Koji Ikeda raised the firm’s price target on GitLab to $60 from $55 and keeps a Buy rating on the shares, citing higher confidence in the potential for GitLab to become a DevSecOps share gainer following investor meetings. Management’s “bullish” tone suggests stabilizing to improving demand trends, which leads BofA to believe there is upside potential to FY24 consensus revenue and operating income estimates, the analyst tells investors.