Braze price target raised to $53 from $50 at Canaccord

Canaccord raised the firm’s price target on Braze to $53 from $50 and keeps a Buy rating on the shares. The firm said Braze reported upside Q1 results and its macro commentary was pretty consistent in that it remains a tough selling environment, marketing budgets are under pressure, etc., but Braze continued to perform well in the enterprise, which is being driven by solution consolidation, ongoing product innovation, and customer use case/geographic diversification.