Here’s Why RBC Capital Sees Sharp Upside in GitLab

Here’s Why RBC Capital Sees Sharp Upside in GitLab
Stock photo of a tablet showing a stock price chart. (Burak Kebapci/Pexels)
Benzinga
2/4/2022
Updated:
2/4/2022

RBC Capital analyst Matthew Hedberg upgraded GitLab Inc. to Outperform from Sector Perform with an unchanged $90 price target, suggesting a 35 percent upside.

The analyst cites the stock’s “more reasonable valuation” after a pullback in price.

Hedberg adds that he remains bullish on GitLab taking a significant share in the estimated $40 billion DevSecOps market, as its platform approach allows developers, security experts, and business operation professionals to build and deploy secure applications at a rapid pace.

By Anusuya Lahiri
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