KeyBanc downgraded GitLab (GTLB) to Sector Weight from Overweight without a price target as part of its 2026 vertical software outlook. The company’s pricing power will likely be a headwind throughout 2026 while changes to its business model to incorporate new usage-based elements increase execution risk in the near-term, the analyst tells investors in a research note. KeyBanc sees a more balanced risk/reward at current share levels.
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