Amplitude upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Amplitude (AMPL) to Equal Weight from Underweight with a price target of $11, up from $10. Following a reduction in revenue growth to about 8% in FY24 from 16% in FY23 and about 20 points of share price underperformance versus the software average over the last year, the firm sees evidence that macro headwinds are worked through the model given recent stability in key performance indicators, the analyst tells investors. In addition, recent management changes can benefit execution and the firm sees a “more reasonable valuation,” the analyst added.