Piper Sandler Highlights "High Confidence Setup" for GitLab (GTLB) Before Q3 Results

GitLab Inc. (NASDAQ:GTLB) is one of the AI Stocks Analysts are Tracking Closely. On November 10, Piper Sandler analyst Rob Owens reiterated an Overweight rating on the stock with a $70.00 price target. The rating affirmation comes ahead of GTLB’s upcoming third-quarter earnings report, set for release on December 8.

The firm believes that developer activity strength and positive infrastructure trends will likely lead to a 3Q beat and modest raise for GitLab. Its top ideas for upcoming prints are GTLB and PANW.

“As we contemplate these readthroughs, setup and sentiment, our top ideas for upcoming prints are GTLB and PANW. GTLB and PANW set up as our high confidence upcoming setups."

"In light of what has proven to be a volatile quarter for prints thus far, we favor names with conservative setups, durable demand drivers and positive readthroughs from calendar prints. After accelerating growth and conservatively reiterating guide last quarter, we think GTLB is well positioned for a strong 3Q.”

Piper Sandler has also tracked GTLB’s Integrated Development Environment (IDE) downloads which demonstrate acceleration in the third quarter. This aspect further boosts its positive outlook for the company.

“We are buyers into the print. Solid prints out of infrastructure peers points to strong developer activity in 3Q, and our tracking of IDE downloads accelerated slightly in 3Q, both giving us confidence in the company’s ability to sustain momentum seen last quarter. We are expecting a beat and modest raise to expectations as a result.”

GitLab Inc. (NASDAQ:GTLB) develops software for the software development lifecycle in the US, Europe, and the Asia Pacific.

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