The firm initiated coverage of GitLab stock with an outperform rating as well as a $62 per share price target.
Bernstein's forecast implies about 17.6% upside from Monday's closing price. "There are only a few developer tool companies at scale and with a strong enough competitive durability, and we believe GitLab is amongst them ... and we don't see any further major entrants into source code management space," analyst Peter Weed said in a Monday note. The technology platform has gained 16% so far this year, with shares climbing 11.3% just this month.
More broadly, the firm is bullish on the growth of software development tools — particularly cloud native continuous integration and deployment tools that GitLab employs — given an expected rise in the number of global developers by 2030 and AI advancements in large language models. "GitLab's opening is to become the "Switzerland" platform for CI/CD development pipelines — a durable and large market position," Weed said.
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