Braze upgraded to Buy at DA Davidson after Forge event, Klaviyo IPO

DA Davidson analyst Gil Luria upgraded Braze (BRZE) to Buy from Neutral with a price target of $53, up from $48, following Braze’s 2023 Forge event and Klaviyo’s (KVYO) IPO. The firm views Braze’s resilient growth in a tough spending environment, upcoming crossover into profitability and relative valuation as “key reasons to own” shares ahead of what it view as “a similarly challenging CY24.” The firm believes Braze will continue to benefit from a more resilient immediate-ROI demanding customer base and is raising its price target to reflect a multiple in line with Klaviyo’s current multiple, the analyst tells investors.