Braze price target raised to $55 from $48 at Canaccord

Canaccord analyst David Hynes raised the firm’s price target on Braze to $55 from $48 and keeps a Buy rating on the shares. The firm said they reported solid FQ2 results, which were highlighted by strong sequential growth in cRPO, non-GAAP gross margins that ticked up to 70%, consistent and diversified net new customer additions, and a nearly 14-point year-overyear improvement in operating margins as Braze continues to close the gap on non GAAP profitability.