From Financial Modeling Prep: 2024-10-21 15:02:00

Needham analysts upgraded GitLab (NASDAQ:GTLB) to Buy from Hold with a $70 price target. Confidence in GitLab’s expanded product offerings and strong adoption of its Ultimate tier, particularly in the enterprise sector, drove the upgrade.

Innovative products like Duo Pro Enterprise and Dedicated are key drivers of GitLab’s success. Compliance and security capabilities are highly valued by large enterprise clients, boosting Ultimate adoption over the Premium tier.

Pricing changes for the Premium SKU are expected to positively impact revenue through fiscal 2026. GitLab’s strong incremental margins, averaging around 40% year-to-date, could contribute to revenue upside in the upcoming quarter.



Read more at Financial Modeling Prep:: Needham Upgrades GitLab to Buy, Citing Product Inn…