Amplitude initiated with a Buy at Needham

Needham analyst Scott Berg initiated coverage of Amplitude (AMPL) with a Buy rating and $16 price target The firm views Amplitude shares to be the most compelling today versus anytime in the company’s history. After working through the churn associated with the Zirp and Covid spending highs, Amplitude’s revenue growth rate is “primed for multi-year acceleration,” driven by a “burgeoning yet compelling” platform tapping into new budgets, the analyst tells investors in a research note. Needham believes the Street underappreciates Amplitude’s expanding platform approach which it believes has created a large, $50B total addressable market that can support “durable growth for an extended period.”