Braze price target lowered to $52 from $65 at TD Cowen

TD Cowen analyst J. Derrick Wood lowered the firm’s price target on Braze to $52 from $65 and keeps a Buy rating on the shares. The firm expects a slight beat to 1Q guide and little change to FY25 guide. The company has been executing well against a mixed macro environment and Cowen expects more of the same driven by legacy displacements and vendor consolidation though 3rd-party email/SMS data suggests a slight deceleration from 4Q levels.