GitLab price target raised to $86 from $63 at BTIG

BTIG analyst Gray Powell raised the firm’s price target on GitLab (GTLB) to $86 from $63 and keeps a Buy rating on the shares. The company’s Q3 results were “very strong”, with operating income and earnings “substantially” above expectations, the analyst tells investors in a research note. GitLab’s Ultimate bundle take rates continue to move higher, its underlying metrics like Remaining Performance Obligation and Net Revenue Retention were all good, and commentary on AI modules like Duo and Duo enterprise as well as new products such as Dedicated and EAP were encouraging, BTIG adds.