Braze price target lowered to $65 from $70 at Canaccord

Canaccord analyst David Hynes lowered the firm’s price target on Braze to $65 from $70 and keeps a Buy rating on the shares. The firm said full-year guidance for 2025 bracketed Street expectations, but with the Q4 beat now in F2024 actuals, this year’s implied growth rate actually ticked down a bit to a range of 21-22%. This makes the current valuation look expensive leading to the lower target.