BofA upgrades ‘underappreciated’ Amplitude to Buy

As previously reported, BofA analyst Koji Ikeda upgraded Amplitude to Buy from Neutral with an unchanged price target of $20. He views Amplitude as "an underappreciated software vendor that is positioned to disrupt the digital optimization category that is central to drive successful product led growth strategies," Ikeda tells investors. While the business will likely see some revenue growth headwinds and NRR contraction in the near-term, he believes the headwinds are largely priced into shares and he thinks Amplitude will likely display accelerating revenue growth with expanding profit margins when exiting 2023, the analyst added.