Amplitude (AMPL) has received a new Buy rating, initiated by Needham analyst, Scott Berg.
Scott Berg’s rating is based on Amplitude’s strong potential for revenue growth and market expansion. He believes that the company has successfully navigated past challenges related to economic conditions and is now positioned for accelerated growth. This optimism is driven by Amplitude’s expanding platform, which is tapping into new budgets and increasing customer retention rates.
Furthermore, Berg highlights that the market may not fully recognize the value of Amplitude’s platform, which has created a significant total addressable market. This large market potential is expected to support sustainable growth as businesses aim to enhance their digital customer experiences. The current trading multiple of Amplitude’s shares is seen as attractive, with a valuation that supports the Buy rating and a price target of $16.
Berg covers the Technology sector, focusing on stocks such as Salesforce, Five9, and SPS Commerce. According to TipRanks, Berg has an average return of -4.9% and a 41.68% success rate on recommended stocks.
In another report released on February 20, KeyBanc also reiterated a Buy rating on the stock with a $17.00 price target.
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