Braze price target raised to $48 from $37 at Stifel

Stifel analyst J. Parker Lane raised the firm’s price target on Braze (BRZE) to $48 from $37 and keeps a Buy rating on the shares. Fiscal Q3 results were largely ahead of expectations, including “a particularly strong bookings beat,” the analyst tells investors. While the quarter as a whole exceeded the firm’s expectations, the stock traded off in the mid-single digits after-hours, which the firm views as likely due to a Q4 revenue guidance that “only wrapped Street estimates.” However, it argues that the quarter “served as another proof-point that Braze’s modern, multi-channel customer engagement platform is well-positioned to capture share in coming years.”