GitLab price target lowered to $45 from $50 at DA Davidson

DA Davidson lowered the firm’s price target on GitLab (GTLB) to $45 from $50 and keeps a Neutral rating on the shares. The company reported more upside than typical in the quarter partially due to timing, while core drivers of Ultimate, Dedicated, and Duo continue to gain traction with customers, the analyst tells investors in a research note. GitLab should benefit from AI tailwinds eventually but given the near term dynamics around pricing and go-to-market changes, the firm awaits more clear signs of upside to revenue, DA Davidson added.