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Benzinga
Benzinga
Business
Anusuya Lahiri

Piper Sandler Upgrades GitLab, Sees 45% Upside

  • Piper Sandler analyst Rob Owens upgraded GitLab Inc (NASDAQ:GTLB) to Overweight from Neutral with an unchanged price target of $100, suggesting a 45.2% upside.
  • Many of the demand drivers 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.
  • Price Action: GTLB shares traded higher by 2.37% at $70.50 in the premarket session on the last check Thursday.
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