Braze Faces Price Target Cuts By Analysts Following Q3 Results

Braze, Inc. BRZE reported better-than-expected sales results for its third quarter and issued strong forecast for FY23.

Braze posted quarterly loss of $0.15 per share, on sales of $93.10 million.

The company said it sees FY23 loss of $0.69 to $0.68 per share, versus analysts’ estimates for a loss of $0.77 per share. The company expects FY23 sales of $352 million to $353 million versus expectations of $349.3 million.

Braze shares dropped 5.1% to trade at $27.43 on Wednesday.

These analysts made changes to their price targets on Braze after the company released quarterly results.

• Piper Sandler cut the price target on Braze from $38 to $33. Piper Sandler analyst Brent Bracelin maintained an Overweight rating on the stock.
• JMP Securities cut Braze price target from $52 to $46. JMP Securities analyst Patrick Walravens maintained a Market Outperform rating on the stock.
• Raymond James slashed the price target on the stock from $50 to $38. Raymond James analyst Brian Peterson maintained the stock with an Outperform.
• Loop Capital lowered Braze price target from $52 to $40. Loop Capital analyst Yun Kim maintained the stock with a Buy.