Amplitude price target lowered to $11 from $13 at UBS

UBS analyst Taylor McGinnis lowered the firm’s price target on Amplitude to $11 from $13 and keeps a Neutral rating on the shares. Amplitude’s Q1 print was largely in line with expectations, with 9% year over year revenue growth consistent with the high end of guidance, but the company is still working through renewal optimizations and isn’t yet signaling a stronger growth inflection, the analyst tells investors in a research note. At the same time, Amplitude continues to see customers keep spend flat or increase it following an initial reset and the 10 over $100,000 annual recurring revenue logo additions were all lands, the firm says.