Braze price target raised to $60 from $50 at Needham

Needham raised the firm’s price target on Braze to $60 from $50 and keeps a Buy rating on the shares. The company’s Q2 results were “very good”, with modest acceleration in cRPO growth suggesting that sales are holding up better than most expectations, the analyst tells investors in a research note. Needham adds that while the macro backdrop has generally not improved and sales cycles remain elongated, net new customer additions at Braze are improving from Q4 lows.