Wells Fargo Bullish on Stocks; Sees Upside for GitLab, Monday.com Despite Recent Pullbacks
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Wells Fargo strategist sees more upside for stocks, raises S&P 500 target to 5,535 for end of 2023, implying 8% gain from current levels
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GitLab provides open-source DevOps platform, moving into AI and security with acquisitions; shares down 23% recently but opportunity seen for rebound
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Monday.com offers cloud-based work management software used by over 225,000 companies; customer growth and revenue beat estimates in latest quarter
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Wells Fargo initiates coverage of Monday.com with Overweight rating and $260 price target pointing to 34.5% upside potential
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Consensus view from analysts is bullish on both GitLab and Monday.com, with Strong Buy ratings based on growth trajectories