GitLab initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Ryan MacWilliams initiated coverage of GitLab (GTLB) with an Equal Weight rating and $50 price target The company is likely to continue to swim upmarket with its Ultimate product with existing enterprise customers, though the firm prefers to wait for a better entry point as new leadership at GitLab gets their feet set and with investors seeming “uncertain around where the guide next year starts”, the analyst tells investors in a research note. As developers attain more value from agentic coding tools, DevOps investors could have a hard time evaluating where value shifts as the competitive landscape fluctuates, the firm added.