Braze price target lowered to $51 from $60 at Oppenheimer

Oppenheimer lowered the firm’s price target on Braze to $51 from $60 and keeps an Outperform rating on the shares following investor event. In the firm’s view, five items stood out. On the bullish side, the company raised the high end of the long-term gross margin target to 74%, 50% growth in customers with 5+ channels since FY2021, and highlighted a credits pricing model to boost retention. On the bearish side, Oppenheimer highlights the 110% NRR guidance for Q4 2025, intra quarter, and says this rate may not be a floor; and points out the company provided a 2026-2028 growth and profits framework that introduces the potential for sub 15% growth.