GitLab财报超预期后获多家券商上调目标价，股价盘中已大幅重定价

GitLab ( GTLB ) shares gained 13% during early market action on Wednesday as the DevSecOps platform proved it can still expand in the age of AI-powered coding. William Blair upgraded the stock to Market Perform from Underperform following GitLab's second-quarter earnings results and outlook. "Our upgrade rationale is based on: 1) growing confidence in GitLab's growth outlook, with record gross net retention improving sequentially for the first time since 2024; 2) materially better go-to-market execution, including growth in account executive capacity, improvements in productivity per representative, stronger sales attainment, and stabilization across SMB and midmarket; 3) early evidence that GitLab can evolve beyond a purely seat-based model, with encouraging signs of adoption for Flex in its first six weeks in market; and 4) strengthening evidence that AI can expand, rather than compress, GitLab's opportunity as rising code volumes, new builder personas, and external agent activity increase demand for the company's source code control, security, governance, context, and orchestration capabilities," said William Blair analyst Jason Ader in a Wednesday investor note. Meanwhile, UBS retained its Neutral rating and increased its price target to $50 from $40. "The guidance does NOT embed any revs headwind from Flex, and in order to bridge to a 'normal' beat vs guidance, we will have to add back in the Flex headwind in the quarter which the company will disclose," said UBS analyst Radi Sultan in an investor note. "This should have the effect of narrowing the reported total revs beat cadence for  3Q/4Q, which will likely add noise with the next two prints. The transition to Flex will take 3+ fiscal years, and the $13m max revs headwind is based on the self-managed renewal cohort, which the company has 'very high visibility' into." Similarly, Bank of America reiterated its Neutral rating and raised its price objective to $54 from $45. "The debate is whether GitLab can be a share-gainer in a world where code is written increasingly by AI agents," said BofA analyst Koji Ikeda in a note. "In our view, F2Q commentary on DAP was a positive signpost for those who take the bull side. Paid CRR increased to $40mn from $15mn last quarter; management is now targeting $100mn in paid CRR in FY27." Finally, Needham reiterated its Buy rating and hiked its target to $65 from $38. "GitLab's Account Executive capacity increased 30% yr-yr, while delivering a 10% yr-yr improvement in productivity per-rep," said Needham analyst Mike Cikos in a note. "Additionally, the company experienced a yr-yr reduction in attrition for the second consecutive quarter. We believe the growing capacity and productivity of the go-to-market organization is paying off, as evidenced by 1st order growth of more than 100% yr-yr to ~1,700 deals and 1st order Net-New ARR growth climbing to 39% yr-yr." Competitor JFrog ( FROG ) was down 1% on Wednesday, while Microsoft ( MSFT ), which offers the competing GitHub, declined about half a percent.