Braze price target lowered to $60 from $75 at Oppenheimer

Oppenheimer lowered the firm’s price target on Braze to $60 from $75 and keeps an Outperform rating on the shares. The firm’s Q1 earnings preview research mosaic reveals mixed trends, but the estimate bar looks low enough for Braze to exceed and margin growth remains on track. However, Oppenheimer’s expectation is that the quarterly beats and guidance raise will be at a lower magnitude this quarter and fundamentals remain unchanged. This suggests that Q1 results are unlikely to provide catalysts for investors.