UBS analyst Taylor McGinnis upgraded Braze to Buy from Neutral with a price target of $62, up from $60. Braze looks compelling as it is a high-quality company with a strong competitive moat that has underperformed year-to-date, the analyst tells investors in a research note. Checks suggest that within stabilizing marketing technology budgets, Braze spend is still growing and being prioritized, and has the potential to recover faster upon a rebound in IT spend, but absent a recovery, is still capable of mid-20s FY25 growth, UBS argues.
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