GitLab price target raised to $85 from $70 at Needham

Needham raised the firm’s price target on GitLab (GTLB) to $85 from $70 and keeps a Buy rating on the shares. The company reported better than expected Q3 results with revenue outperforming the midpoint of guidance by 4.6%, the analyst tells investors in a research note. GitLab’s expanded offering and improving AI capabilities are resonating in the market, while its single platform benefits from architectural advantages through its unified datastore, the firm adds.