Analysts See Up To 13% Upside In Amplitude

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  • 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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