Amplitude downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Elizabeth Porter downgraded Amplitude to Underweight from Equal Weight with a $12 price target. The stock’s current valuation does reflect that Amplitude’s story is still a work in progress, the analyst tells investors in a research note. Amplitude shares have re-rated but macro environment, increased competition from Google and Adobe, and and execution concerns remain, says the firm. In the current spending environment, Morgan Stanley sees the budget for Amplitude’s “less mission-critical tools” as challenged, particularly for the company’s core base of technology customer.