Braze price target raised to $38 from $33 at Canaccord

Canaccord analyst David Hynes raised the firm’s price target on Braze to $38 from $33 and keeps a Buy rating on the shares. The analyst said Q4 results as mixed, at best, as leading KPIs, in our view, suggest continued deterioration of end-market activity and demand. Shares are trading at a valuation which is a bit expensive relative to current operating metrics but not out of bounds for a share gainer in the space, so we remain comfortable with our continued rating on the shares.