GitLab price target raised to $74 from $62 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on GitLab (GTLB) to $74 from $62 and keeps an Overweight rating on the shares. The firm heads into GitLab’s Q3 earnings seeing potential for positive results. While management commentary of “less conservative” guidance going forward still provides a bit of a ceiling for upside in the quarter, stabilized seat expansion commentary from Atlassian (TEAM) and large deal activity at JFrog (FROG) are an encouraging sign that GitLab’s Q3 results could show modest upward bias over current consensus estimates, KeyBanc adds.