Piper Sandler analyst Rob Owens upgraded GitLab Inc. to Overweight from Neutral with an unchanged price target of $100, suggesting a 45.2 percent upside.
Many of the demand drivers that positively impacted cybersecurity spending in 2021 remain in play as we enter 2022, Owens tells investors in a research note.
Add to that a “relatively optimistic” IT spending outlook with security prioritization forecasted to continue in 2022, and the “perfect storm” for increased cybersecurity demand will sustain, says the analyst.
Owens upgraded GitLab citing the “shift left and developer-focus” in 2022.
GitLab is the DevOps platform that empowers organizations to maximize the overall return on software development by delivering software faster and efficiently while strengthening security and compliance.
By Anusuya Lahiri
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