- JPMorgan analyst Sterling Auty upgraded GitLab Inc GTLB to Overweight from Neutral with an unchanged price target of $99, suggesting an upside of 62%.
- The analyst calls the company a "Growth All-Star" with a current valuation of less than 18-times 2022 revenue.
- The results from Microsoft Corp MSFT and ServiceNow Inc NOW validate that the fundamentals in software continue to be very good, Auty tells investors in a research note.
- Related Content: Why Microsoft Shares Are Trading Higher Today
- ServiceNow Reports Fourth Quarter and Full-Year 2021 Financial Results
- After the bear market, the subsequent 12 months will see software stocks beating and raising on revenue outperform, and GitLab will be one of those companies, says the analyst.
- Price Action: GTLB shares traded higher by 5.91% at $61.16 on the last check Thursday.
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