GitLab downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded GitLab (GTLB) to Market Perform from Outperform without a price target The company’s letter to employees yesterday outlined an intent for major internal changes in an effort to move GitLab to its second act as a public company, the analyst tells investors in a research note. The firm says that while investors “may breathe a near-term sigh of relief” with the reaffirmed Q1 outlook, the “meaningful” changes create risk for the remainder of the year. Attempting to rearchitect the platform while also reducing headcount will be “challenging,” contends Raymond James.