GitLab gains as Needham upgrades on strong 'Ultimate' adoption
21/10/2024 11:29
** Shares of software development platform provider GitLab
GTLB.O rise 3.4% to $57.24 premarket
** Needham upgrades GTLB to "Buy" from "Hold" on strong
adoption of "Ultimate", a development, security, and operations
platform
** Brokerage's price target of $70 represents upside of
26.5% to stock's Friday close
** "Stronger uptake for Ultimate is a function of the
current backdrop where Enterprises have larger budgets and are
less sensitive to macro" - Needham
** GTLB has an average rating of "buy" with a median PT of
$65 - LSEG
** Up to last close, stock had fallen ~12% this year
(Reporting by Akash Sriram in Bengaluru)
((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))