UPDATE: JPMorgan Starts Braze Inc (BRZE) at Overweight

JPMorgan analyst Mark Murphy initiates coverage on Braze Inc (NASDAQ: BRZE) with a Overweight rating and a price target of $80.00.

The analyst comments "Braze is a leading customer engagement solution enabling brands to drive multi-channel, highly personalized, real-time engagements with their customers. Braze’s comprehensive platform allows brands to engage customers in the channel of their choice with real-time, relevant, contextual messages, helping them acquire and onboard new customers, engage existing customers or drive better customer retention. Braze operates this platform at a massive scale with over 3.3B monthly active users (although the number of unique, deduped users would be much lower) across its over 1K customers and with over 1T messages sent in the last FY. Braze’s customer engagement platform is highly differentiated relative to the traditional marketing engagement solutions, which are often centered on a single channel, typically email, and are largely based on slow-moving batch processes, thus often driving customer engagement that lacks context, in addition to being expensive, helping Braze establish a very strong position in the market, which is evident from our customer due diligence. This unique market position, in a space that is gaining significance driven by the acceleration in digital transformation globally, has allowed Braze to grow its top line at a rapid clip while burning relatively less cash, driving a very strong growth plus margin profile. We believe the combination of alignment with secular trends, sophisticated platform, solid revenue growth and an efficient business model makes Braze a differentiated asset in the software landscape. Our Dec 2022 price target of $80 is based on ~25x EV/CY22E revenue, representing a 0.58x growthadjusted EV/CY22E revenue multiple."

For an analyst ratings summary and ratings history on Braze Inc click here. For more ratings news on Braze Inc click here.

Shares of Braze Inc closed at $68.78 yesterday.

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