Piper Sandler raised its price target for Amplitude Inc. to $11. This is an increase from the previous $9 target. The firm maintained its Overweight rating on the stock.
Second-quarter checks showed a 62% year-over-year increase. This growth marks a significant acceleration from the 27% increase recorded in the previous quarter.
The revised target reflects growing confidence in Amplitude's partnership with Statsig, which was recently acquired by OpenAI. Analysts noted the partnership expands Amplitude's total addressable market.
Piper Sandler suggested the initial $16 million annual recurring revenue estimate from the deal is conservative. The figure currently excludes specific contracts and potential cross-selling opportunities.