Amplitude downgraded to Sector Perform at Scotiabank after ‘weak’ Q4

As previously reported, Scotiabank downgraded Amplitude to Sector Perform from Outperform with a price target of $12, down from $14, following Q4 results and an outlook that were “weak.” The firm is stepping to the sidelines as it sees Amplitude being in a challenged spot to outperform the broader software space over the next twelve months, the analyst tells investors. It is apparent Amplitude will be challenged until the second half and with other software companies showing greater signs of stabilization, and some re-accelerating, the firm sees “better places to play in software” for now, the analyst added.