Oppenheimer analysts lowered the price target on Braze Inc (BRZE) to $60.00 (from $75.00) while maintaining an Outperform rating.
The analysts commented: "Our F1Q earnings preview research mosaic reveals mixed trends, but the estimate bar looks low enough for Braze to exceed and margin growth remains on track. However, our expectation is that the quarterly beats and guidance raise will be at a lower magnitude this quarter and fundamentals remain unchanged. This suggests that F1Q results are unlikely to provide catalysts for investors. Nevertheless, we are bullish on Braze’s medium-term outlook given its strong positioning in next generation customer engagement platforms that should increase in enterprise IT priority as generative AI investments pick up in the subsequent years, there is potential for the business to reaccelerate exiting FY2025 or in FY2026, and because of a long runway for margin growth. Reiterate Outperform, lower PT to $60 from $75 on group multiple compression."