Shares of Amplitude (NASDAQ: AMPL) tanked today, which can be attributed to an analyst downgrade. Indeed, Michael Turits of KeyBanc changed his rating on the stock from Buy to Hold without assigning a price target. However, his previous price target was $21 per share.
Turtis cited a reduced growth outlook for 2023 as the main reason for the downgrade and urges investors to wait for better visibility as macroeconomic conditions weigh on analytics spending. Nevertheless, Turtis remains bullish on the company’s long-term prospects.
Overall, Wall Street analysts have a consensus price target of $13.63 on AMPL stock, implying over 32% upside potential, as indicated by the graphic above.