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Earlier this month, GitLab Inc (NASDAQ:GTLB) reported upbeat fourth-quarter results, but its shares came under pressure on mixed 2025 outlook.
The company is well positioned as “the broadest independent DevSecOps platform,” with a total addressable market estimate at over $120 billion, with space for multiple players, according to KeyBanc Capital Markets.
The GitLab Analyst: Jason Celino reiterated an Overweight rating and price target of $70.
The GitLab Thesis: While Gartner projects that 75% of organizations will have switched to DevOps platforms by 2027, versus 25% in 2023, and GitLab is a key beneficiary of this trend, given its comprehensive DevSecOps platform, “with capabilities spanning each layer of the software development lifecycle (SDLC),” Celino said in the note.
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GitHub has attracted developer mindshare, with more than 100 million users globally, and has a first-mover advantage in AI-assisted code writing with GitHub Copilot, which already has 1.3 million users, the analyst stated.
GitLab is a beneficiary of gen AI, as developer tools in this space are “increasing the velocity of code generation and volume of arguably lower-quality code, potentially increasing demand for GitLab’s core tooling” and the company’s gen AI add-on, GitLab Duo, is creating the opportunity for price hikes as well as “broader expansion into new personas who may not be technically savvy code writers,” he added.
While the company may generate sustained mid-20% growth, “we could see potential growth upside to +30% in FY25 and FY26,” Celino further wrote.
GTLB Price Action: Shares of GitLab had risen by 0.09% to $55.29 at the time of publication on Tuesday.
Image: GitLab
Posted In: GTLB
