Canaccord lowered the firm’s price target on GitLab (GTLB) to $76 from $78 and keeps a Buy rating on the shares. GitLab’s Q1 results were “steady,” with total revenues up 27% and outperformance directly contributing to the profit beat with 12% operating margins improving 1440 basis points from the year prior, the analyst tells investors in a research note. The firm believes that the activity at the AI code creation layer is a precursor to continued strength in DevSecOps platform investments, and GitLab is a clear leader in that arena.
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