Braze price target lowered to $45 from $52 at TD Cowen

TD Cowen lowered the firm’s price target on Braze to $45 from $52 and keeps a Buy rating on the shares. The firm attended its Analyst Day where management outlined paths to a return to Rule of 40, raised long-term gross margin targets to 69-74%, and guided 4Q25 NRR to 110%. Multiple new features were previewed, which Cowen thinka should drive PLG motions and increased customer retention.