KeyBanc lowered the firm’s price target on GitLab (GTLB) to $49 from $53 and keeps an Overweight rating on the shares. The firm notes GitLab posted a modest Q3 beat and flowed through the quarterly outperformance to the full-year guide. More importantly, management called out headwinds in PubSec as a result of the government shutdown, and softness in SMB persisting this quarter. The company also announced it has hired Jessica Ross as its incoming CFO. While KeyBanc remains encouraged by GitLab’s consolidation opportunities and traction with Ultimate and AI SKUs, it lowers its price target based on 6.5-tims FY27 EV/sales on incremental execution risk.
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