GitLab price target lowered to $60 from $70 at Bernstein

Bernstein lowered the firm’s price target on GitLab (GTLB) to $60 from $70 and keeps an Outperform rating on the shares. The firm notes GitLab’s Q4 was a good quarter when taken on its own, delivering a nearly $9M beat vs. midpoint guide. But the company spoiled this good news with their fourth quarter in a row guiding below consensus for both Q1 and now FY27. Management emphasized FY27 guide was purposely 300bps weak as they removed FX tailwinds seen in FY26, assumed no remaining price increase benefit, and some unique customer clauses in large accounts that won’t repeat.