Braze initiated with an Overweight at Stephens

Stephens initiated coverage of Braze (BRZE) with an Overweight rating and $43 price target as part of a broader research note launching coverage on Application and Enterprise Software names. The firm notes that given its pure marketing focus, Braze could benefit meaningfully from spending increases when the macro environment improves, the analyst tells investors in a research note. Braze could also benefit most of its peer group from new legacy replacement logo wins from Salesforce (CRM) re-platforming its Marketing Cloud, the firm adds.