KeyBanc lowered the firm’s price target on GitLab (GTLB) to $53 from $60 and keeps an Overweight rating on the shares. The firm notes GitLab reported a solid Q2 beat, driven in part by one-time benefits from linearity and mix shift toward self-managed, but left the full-year revenue guide unchanged to account for GTM/leadership changes, which implies a notable deceleration in the second half of the year. Importantly, the company announced that CFO Brian Robins will depart on September 19, and it has begun the search for his successor. While KeyBanc remains positive on GitLab’s long-term opportunities, it lowers its price target to reflect incremental execution concerns from its GTM evolution and potential AI disruption.
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