Investors looking for alternative ways to play artificial intelligence may want to keep an eye on an innovative software company, according to Bank of America. ” GitLab offers a rich platform built on top of its leading Source Code Management solution that is vitally important to developers,” wrote analyst Koji Ikeda, in a Tuesday note. “Furthermore, GitLab is focused on capitalizing on AI, which is accelerating the number of digital experiences (and source code) being created.” Despite a more than 15% drop this year, Ikeda maintained a buy rating on the device security operations company and a $85 price target on shares, implying 60% upside. Underpinning Ikeda’s thesis is a bet on GitLab’s initiatives beyond developers, which includes offerings for non-technical users. “GitLab is also extending its reach to personas outside of DevSecOps teams to use its tools,” he wrote. “This should expand the [total addressable market], though we admit this opportunity is still likely early.” Over the medium term, Ikeda said he sees continued source code management improvements, new security features and the expansion of AI-powered offerings as critical to GitLab’s growth. GTLB 6M mountain GitLab shares over the past six months.
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