Gitlab (GTLB) remains a "favorite" growth idea after reporting better-than-expected Q3 results, with revenue growth accelerating to 31% year-over-year, RBC Capital Markets said in a note Friday.
Gitlab reported fiscal Q3 non-GAAP net income late Thursday of $0.23 per diluted share on a revenue of $196 million, beating market expectations for adjusted EPS of $0.16 on revenue of $187.9 million.
RBC highlighted that an upward revision of fiscal 2025 revenue growth guidance "now points to 30% growth vs. 28% previously along with better profitability."
RBC said it believes GitLab's newly appointed Chief Executive Officer Bill Staples is a "good fit for the role," adding that it expects a "seamless transition."
RBC raised its price target on GitLab's stock to $80 from $73, while reiterating an outperform rating.
Gitlab shares were up 4.5% in early Friday trading.
Price: 69.74, Change: +3.70, Percent Change: +5.60
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