Braze initiated with a Neutral at Macquarie

Macquarie last night initiated coverage of Braze (BRZE) with a Neutral rating and $30 price target The firm says tailwinds around marketing tech adoption “swirl,” as e-commerce penetration rates rise, third party signal wanes, and online customers fragment across device type. It continues to view artificial intelligence as an important catalyst to Braze shares, given the financial upside in improved revenue growth and pricing power. However, the company’s recent growth slowdown suggests this shift may take longer and move slower than current estimates forecast, the analyst tells investors in a research note.