GTLB - GitLab rises on 'solid' Q4 but BofA cuts PT on lower multiple

GitLab (NASDAQ:GTLB) shares rose in early trading on Tuesday after the DevOps software company posted fourth-quarter results that topped Wall Street estimates, but Bank of America lowered its price target, citing concerns over the tech sector. Analyst Koji Ikeda, who has a buy rating, but lowered the price target to $65 from $105, citing multiple compression, noted that GitLab has a lock-up on employees selling shares that expires on April 12, which could create a "near-term overhang," but the company had strong results nonetheless. "We believe that GitLab is a potential future DevOps system of records platform winner," Ikeda wrote in a note to clients.  Ikeda continued: "The DevOps ecosystem is currently fragmented, but GitLab's core SCM applications positions the business to become a future platform winner, driving the business  to become larger and more profitable over time." GitLab (GTLB) shares opened at $39, but fell to $34, up slightly less

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GitLab rises on 'solid' Q4, but BofA cuts PT on lower multiple