Braze price target raised to $66 from $63 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Braze to $66 from $63 and keeps a Buy rating on the shares after its “strong” Q4 results. The company’s revenue grew 33%, consistent with strength in Q3, as enterprise accounts continued to more than offset pressure in the SMB ecosystem, the analyst tells investors in a research note. Braze billings were up 26% while total RPO was up 40% due to duration tailwinds, the firm states, adding that Braze continues to see macro pressures manifest in elevated budget scrutiny and churn in smaller customers. Goldman notes that these dynamics are expected to persist into 2024.