Macquarie lowered the firm’s price target on GitLab (GTLB) to $75 from $90 and keeps an Outperform rating on the shares. The company’s Q1 report was disappointing with a relatively meager $1.5M revenue beat and no change to full-year revenue guidance, the analyst tells investors in a research note. The firm noted that a higher SaaS mix and back-end linearity contributed to the disappointing results, though healthy RPO metrics indicate that underlying momentum remains strong, despite deal mix and timing variability. Macquarie added that it believes GitLab’s best-in-class DevOps platform can still coexist with rapid adoption of AI coding tools.
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