Raymond James upgraded software stock GitLab Inc (NASDAQ:GTLB) to "outperform" from "market perform" this morning, establishing a price target of $70. The analyst in coverage said that based on their analysis, GitLab's growth rate should "approach or exceed 30% year over year" as fiscal year 2025 progresses. This comes just a few days after Wells Fargo initiated coverage on the stock with an "overweight" rating.
At last glance, GTLB was up 1.1% at $58.77, earlier as high as $59.87. The $60 level has provided a ceiling for the stock since early March, though firm support can be seen at the $53 level, home to its 200-day moving average. Since the start of the year, the equity is down 6.7%, and a far cry from its Feb. 9 two-year high of $78.52, mostly due to its early March post-earnings bear gap.
Today's bull note has GTLB joining the bullish majority. Of the 23 analysts in coverage, 18 now carry a "buy" or better rating, with the remaining five a tepid "hold." Plus. the 12-month consensus price target of $72.82 is a 24.4% premium to current levels.
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