UBS downgraded GitLab (GTLB) to Neutral from Buy with a price target of $24, down from $44, after assuming coverage of the name. Overall check feedback suggests a mixed demand outlook with no evidence of a growth inflection and only modest customer interest in Duo Agent Platform to date, the analyst tells investors in a research note. Without a clear path to AI-driven upward estimate revisions, the AI disruption narrative will be tough to bend in the near-term and UBS says it prefers to remain on the sidelines for now.
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