Braze Analysts Increase Their Forecasts After Upbeat Results

Braze, Inc. BRZE reported better-than-expected third-quarter financial results and issued FY24 guidance above estimates.

Revenue rose 33.1% Y/Y to $124.0 million, beating the consensus of $117.3 million, led by new customers, upsells, and renewals. Adjusted EPS loss of $(0.05) came above the consensus of $(0.13), according to Benzinga Pro.

For FY24, the company increased its revenue outlook to $465 million-$466 million (from $451.5 million - $454.5 million) vs. the consensus of $454 million and adjusted EPS to $(0.26)-$(0.27) from $(0.37)-$(0.39) vs. $(0.37) estimate.

Braze shares fell 1.3% to close at $56.12 on Wednesday.

These analysts made changes to their price targets on Braze following earnings announcement.

• Piper Sandler increased the price target on Braze from $57 to $66. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• Barclays raised the price target on Braze from $65 to $80. Barclays analyst Ryan Macwilliams maintained an Overweight rating.
• Needham increased the price target on Braze from $60 to $70. Needham analyst Scott Berg maintained a Buy rating.

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