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JPMorgan analyst Sterling Auty upgraded GitLab Inc (NASDAQ: GTLB) to Overweight from Neutral with an unchanged price target of $99, suggesting an upside of 62%.
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The analyst calls the company a "Growth All-Star" with a current valuation of less than 18-times 2022 revenue.
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The results from Microsoft Corp (NASDAQ: MSFT) and ServiceNow Inc (NYSE: NOW) validate that the fundamentals in software continue to be very good, Auty tells investors in a research note.
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Related Content: Why Microsoft Shares Are Trading Higher Today
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ServiceNow Reports Fourth Quarter and Full-Year 2021 Financial Results
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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.
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Price Action: GTLB shares traded higher by 5.91% at $61.16 on the last check Thursday.
Latest Ratings for GTLB
| Jan 2022 | JP Morgan | Upgrades | Neutral | Overweight |
| Jan 2022 | Piper Sandler | Upgrades | Neutral | Overweight |
| Dec 2021 | JP Morgan | Maintains | Neutral |
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