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BUZZ-Gitlab falls after TD Cowen downgrades rating to 'hold'

Reuters
Mar 02
BUZZ-Gitlab falls after TD Cowen downgrades rating to 'hold'

** Software development firm Gitlab's GTLB.O shares fall 2.7% to $25.60 premarket

** TD Cowen cuts rating on stock to "hold" from "buy", citing increasing competitive risks from OpenAI and Anthropic

** Cuts PT to $29 from $56, still representing a 10.3% upside to stock's last close

** Anthropic's Claude code showing aspirations for being a broader software development platform, OpenAI's Codex to follow suit - TD Cowen

** Anthropic and OpenAI encroaching on GTLB's market, moving at breakneck speeds - TD Cowen

** Brokerage sees several headwinds for company in FY27

** As of last close, shares down nearly 30% YTD, after falling 33.4% in 2025

(Reporting by Utkarsh Tushar Hathi)

((utkarshtushar.hathi@thomsonreuters.com))

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