Braze price target raised to $48 from $35 at DA Davidson

DA Davidson raised the firm’s price target on Braze to $48 from $35 but keeps a Neutral rating on the shares. The analyst cites the company’s “strong” operating results, with top line growth coming in above guidance, and accelerating cRPO growth. The firm adds however that Braze management only reiterated that it was on track to meet its non-GAAP positive operating income target by FY25 while making the necessary investments to capitalize on revenue opportunities, and until there is more visibility into revenue acceleration, DA Davidson prefers to remain on the sidelines.