Braze price target lowered to $50 from $70 at Needham

Needham analyst Scott Berg lowered the firm’s price target on Braze (BRZE) to $50 from $70 and keeps a Buy rating on the shares. The company reported good Q3 results but revenue outperformance of 2.6% was its lowest as a public company, suggesting the buying environment remains “tight”, the analyst tells investors in a research note. Current remaining performance obligations – cRPO – growth of 23.9% was ahead of Needham’s 23% growth expectation, but while the overall customer metrics suggest that the general buying environment is showing signs of reasonable stability, this is at a lower level than in recent years, Needham adds.