AAL

Raymond James Turns Bullish on GitLab Stock

The firm was one of the few in coverage still neutral toward GTLB

Deputy Editor
Apr 12, 2024 at 10:52 AM
facebook X logo linkedin


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. 

 

Same-Day Trading Power: +227% YTD and Counting  — Get in for $10!

We're celebrating 44 years of helping traders win, and you can now tap into one of our most explosive services — Dynamite Day Trading Signals — for just $10.

This service was built for one thing: capturing intraday gains with precision. 

Access two highly-vetted options trades each week -  Complete with defined entries, exits, and a clear plan for same-day profits.

👉 Click Here to Learn More and Position Yourself to Take Action When the Next Alert Hits.