Scotiabank upgrades resilient, ‘unrewarded’ Braze to Outperform

As previously reported, Scotiabank analyst Nick Altmann upgraded Braze to Outperform from Sector Perform with a price target of $56, up from $48. Braze’s underlying growth has remained extremely durable relative to the broader software group, but shares have “largely gone unrewarded” with virtually no multiple expansion and shares underperforming the IGV, the analyst tells investors. The firm’s most recent conversations give it “heightened conviction” in Braze’s strategic positioning within marketing tech budgets and continued market share gains, the analyst added.