Piper Sandler Upgrades GitLab, Sees 45% Upside

Piper Sandler analyst Rob Owens upgraded GitLab Inc 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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