- Analysts initiated coverage on Amplitude Inc AMPL, with price targets implying upsides up to 13%.
- KeyBanc analyst Michael Turits initiated coverage with an Overweight rating and a $78 PT, implying a 13% upside.
- The company is "riding the wave of digital transformation" accelerated by COVID, Turits notes.
- The analyst sees Amplitude as "strongly positioned amid the ongoing wave" of front office digital transformation and adoption of product-led growth models.
- UBS analyst Taylor McGinnis initiated coverage with a Buy rating and $78 PT.
- The company is the clear leader in an early-stage and predominately greenfield market it refers to as digital optimization, McGinnis notes.
- The analyst says the space "appears to be on the brink of an inflection" given the acceleration in engagement and use of websites/apps amid the pandemic.
- Amplitude seems well-positioned to capitalize "on an opportunity with plenty of runway ahead," says McGinnis.
- BofA analyst Koji Ikeda initiated coverage with a Neutral rating and a $75 PT, implying an 8.8% upside.
- The company is a "leader" in the digital optimization opportunity as organizations leverage its platform to understand how consumers use digital products to drive better customer experiences, the analyst tells investors in a research note.
- Amplitude operates in a $36 billion market that is "ripe for disruption," giving it a long runway toward healthy growth, Ikeda adds.
- Morgan Stanley analyst Elizabeth Elliott initiated coverage with an Equal Weight rating and $72 PT, suggesting a 4.4% upside.
- With solutions built to accelerate digital product development, Amplitude looks to pioneer a potential $37 billion digital optimization market, Elliott notes.
- However, the analyst says the higher investment necessary to address this "greenfield" total addressable market implies a balanced risk/reward at current share levels.
- Baird analyst Rob Oliver initiated coverage with a Neutral rating and $70 PT, indicating a 1.5% upside.
- The company's "best-in-class" software measures millions of input signals real-time, empowering customers to deliver digital products with "that extra push" of higher customer satisfaction and revenue, Oliver notes.
- However, with the stock up 90% from the direct-listing and a valuation more significant than 30 times 2022 revenue estimates, the analyst starts Amplitude with a Neutral rating.
- William Blair analyst Bhavan Suri initiated coverage with an Outperform rating.
- Price Action: AMPL shares closed higher by 2.28% at $68.95 on Monday.
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