GitLab price target lowered to $33 from $40 at RBC Capital

RBC Capital lowered the firm’s price target on GitLab (GTLB) to $33 from $40 but keeps an Outperform rating on the shares. The company delivered solid Q4 results vs. expectations, though the firm also notes that a portion of the revenue beat was driven by non-recurring items, the analyst tells investors in a research note. Customer churn remains at a 4-year low, but while customer momentum is solid, RBC is still mindful of broader softness around the SMB, the firm added.