Needham Reiterates Buy Rating on Braze Inc (BRZE)
Needham analyst Scott Berg reiterated a Buy rating and $70.00 price target on Braze Inc (NASDAQ: BRZE).
The analyst comments "Braze reported good 2Q results with its first ever Non-GAAP operating profit quarter and its 2nd and 3rd eight figure contracts suggesting to us expansion activity has a long way to go within its top 100 customers. Sales metrics (cRPO growth, NRR, net customer additions) were a touch lighter than we expected suggesting its selling environment remains constrained but consistent. Net additions were in line with recent quarters but CRPO growth dropped ~500bps lower sequentially while comping over the North Star acquisition but the q/q decline was more than we expected implying our view on "in line" sales results. FY25 revenue guidance ticked up but the profitability guidance suggests go-forward Non-GAAP operating profitability should be consistent creating a floor for BRZE shares."
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Shares of Braze Inc closed at $44.13 yesterday.