Braze price target raised by $8 at Citi, here’s why

Citi raised the firm’s price target on Braze to $71 from $63 and keeps a Buy rating on the shares. The analyst anticipates a solid Q3 report from Braze given the firm’s “encouraging” checks with ecosystem partners throughout the quarter and positively trending web traffic data signals. While the stock is up over 30% since November 1 and 100% year-to-date, Braze’s “unique leadership position” in the customer engagement sphere and a favorable numbers set-up continues to warrant a premium on its valuation, the analyst tells investors in a research note.