GitLab Shares Gain After JPMorgan Upgrade, Thanks To Microsoft & ServiceNow

JPMorgan analyst Sterling Auty upgraded GitLab Inc GTLB to Overweight from Neutral with an unchanged price target of $99, suggesting an upside of 62%.
The analyst calls the company a "Growth All-Star" with a current valuation of less than 18-times 2022 revenue.
The results from Microsoft Corp MSFT and ServiceNow Inc NOW validate that the fundamentals in software continue to be very good, Auty tells investors in a research note.
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After the bear market, the subsequent 12 months will see software stocks beating and raising on revenue outperform, and GitLab will be one of those companies, says the analyst.
Price Action: GTLB shares traded higher by 5.91% at $61.16 on the last check Thursday.