GitLab price target lowered to $60 from $65 at Wells Fargo

Wells Fargo lowered the firm’s price target on GitLab (GTLB) to $60 from $65 and keeps an Overweight rating on the shares. The firm notes Q1 revenues were lighter than usual and communication issues are adding fuel to the near-term AI bear narrative. Wells thinks underlying metrics are much better than multiples suggest, however.