Analyst Scott Berg from Needham maintained a Buy rating on Amplitude (AMPL – Research Report) and keeping the price target at $16.00.
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Scott Berg has given his Buy rating due to a combination of factors that highlight Amplitude’s strong financial performance and strategic improvements. The company reported impressive first-quarter results, with net new Annual Recurring Revenue (ARR) doubling year-over-year, indicating robust sales execution and a significant reduction in downsell pressures.
Additionally, Amplitude’s growth in net new logos and an increase in customer retention rates suggest that recent go-to-market changes are proving effective. The addition of 26 new customers with contracts exceeding $100,000 underscores its strong market position. Despite cautious fiscal year guidance due to macroeconomic uncertainties, the company’s decision to raise its FY25 outlook beyond first-quarter performance indicates minimal macro pressure. Furthermore, the initiation of a share buyback program is expected to support the stock’s current valuation.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $15.00 price target.
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