Braze price target lowered to $55 from $65 at DA Davidson

DA Davidson lowered the firm’s price target on Braze to $55 from $65 but keeps a Buy rating on the shares. The analyst cites the company’s updated long-term financial framework and incremental color on customer trends and macro related headwinds, with the focal point for investors being the management’s growth outlook and the trajectory of dollar-based net retetin, which exited Q2 at about 110% vs. the last-12-month metric of 114%. The firm adds however that while macro related headwind continue to weigh on growth in the near term, Braze is taking share from incumbent marketing cloud vendors and growing its existing customer relationships.