BofA downgraded GitLab (GTLB) to Neutral from Buy with a price target of $27, down from $58. The firm thinks the risk/reward is balanced until it sees strong proof points that the company’s agentic orchestration software development platform strategy is working, says the analyst, who adds that the best indicator will be when revenue growth reaccelerates. However, the firm doesn’t think GitLab sees growth reacceleration for at least 9-12 months.
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