Braze price target lowered to $38 from $50 at Raymond James

Raymond James analyst Brian Peterson lowered the firm’s price target on Braze to $38 from $50 and keeps an Outperform rating on the shares. Braze’s Q3 results that showed upside to both the firm’s billings and revenue projections, with management citing resilient upsell activity despite a choppy macro environment, Peterson tells investors in a research note. The analyst ultimately thinks Braze represents one of the more compelling long-term growth stories in the space.