UPDATE: Needham & Company Starts GitLab Inc (GTLB) at Buy

Needham & Company analyst Mike Cikos initiates coverage on GitLab Inc (NASDAQ: GTLB) with a Buy rating and a price target of $70.00.

The analyst comments "We initiate coverage of GitLab with a Buy rating and a $70 Price Target. The company delivers a single application to drive cross-function collaboration and improve customer efficiencies for Application Development processes. We believe GitLab is increasingly becoming the center of gravity for organizations' software innovation, where GitLab's DevOps Platform benefits from its dual-flywheel development strategy. Notably, the company's greater than $40 Billion TAM is predominantly Greenfield and competes against DIY tools. Its nearest competitor - Microsoft's GitHub - is present in less than 20% of deals where GitLab competes, and GitLab's win rates are consistent irrespective of GitHub's presence. We view rapid innovation and the frictionless go-to-market as two pillars that can sustain GitLab's growth in an underpenetrated market."

For an analyst ratings summary and ratings history on GitLab Inc click here. For more ratings news on GitLab Inc click here.

Shares of GitLab Inc closed at $56.01 yesterday.

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