- KeyBanc Capital Markets analyst Michael Turits downgraded Amplitude Inc (NASDAQ:AMPL) to Sector Weight from Overweight.
- The analyst is bearish on AMPL as the company cut 2023 revenue growth guidance to $266 million- $269 million (consensus of $286.25 million) from $283 million – $291 million.
- Turits expects the customer churn rate to remain high through Q4 and projects increased competition from the launch of Adobe Inc‘s (NYSE:ADBE) Product Analytics.
- Yesterday, AMPL reported Q1 2023 revenues of $66.5 million exceeding the consensus of $65.5 million, while adjusted EPS of $(0.04) came better than the consensus expectations of $(0.06).
- The analyst reduced expectations for 2023 revenues to $267.5 million from $287.0 million earlier. He now expects EPS of $0.03 in 2023 vs. $(0.16) earlier.
- Also, William Blair downgraded the rating on AMPL to Market Perform from Outperform.
- Piper Sandler also downgraded the rating to Neutral from Overweight at a lowered price target of $9 (from $19 earlier).
- Price Action: AMPL shares are trading lower by 8.43% at $10.65 on the last check Wednesday.
BlackRock Eyes Ether ETF, Sparks Crypto Market Surge, Investor Optimism
BlackRock (NYSE: BLK), the largest asset manager globally, has made a significant move in the cryptocurrency sector by filing an S-1 form with the Securities and Exchange Commission (SEC) to launch a spot Ether (CRYPTO: ETH) <
