Braze price target raised to $52 from $42 at Oppenheimer

Oppenheimer analyst Brian Schwartz raised the firm’s price target on Braze to $52 from $42 and keeps an Outperform rating on the shares. The company’s business remained strong in fiscal Q2 with a “good beat-and-raise magnitude and noticeably faster revenue growth” and margin improvements than other customer engagement suppliers, the analyst tells investors in a research note. The print points to solid execution, and in-combination with soft net-new customer adds, increasing momentum with larger enterprise customers, says the firm. Oppenheimer says Braze is the “premier best-of-breed” customer engagement supplier in the market, with a business that looks set to reaccelerate in 2024 if planning horizons lengthen and/or the macro environment stabilizes.