UBS analyst Taylor McGinnis downgraded Amplitude to Neutral from Buy with a price target of $14, down from $20. Following channel checks with IT executives from six companies, the analyst has "less comfort" that Amplitude can meet the Street’s 30% revenue growth estimate for fiscal 2023 when it guides on the Q4 earnings call. The checks reveal "material near-term moderation" in existing customer spend growth and concern that Amplitude’s net new logo adoption may be "disproportionately impacted" by the macro environment relative to peers, McGinnis tells investors in a research note.
Published first on TheFly
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