JPMorgan analyst Pinjalim Bora lowered the price target on Braze Inc (NASDAQ: BRZE) to $45.00 (from $47.00) while maintaining a Overweight rating.

The analyst comments "Braze delivered a good start to the year, with all guidance metrics landing above expectations, although full-year guidance added some noise as the company layered in a recent acquisition. Revenue grew 20% y/y and landed 2% above consensus. Billings grew 17% y/y, landing roughly 2 points above consensus expectations, while CRPO-based bookings grew ~23%, marking a slight acceleration, which the company attributed to a higher volume of renewal dollars in the quarter. The latter pressured DBNRR in the quarter, which was down 200 bps sequentially to 109%. On the macro, Braze indicated that global trade concerns have not yet materially impacted deal cycles and the company saw broad-based strength across industry verticals as well as good momentum in the Americas and EMEA. Finally, while the company raised its full year revenue guidance, even after adjusting for the inorganic contribution from OfferFit, FY operating margins reset lower by roughly 300bps as it layered in the full cost profile of the acquisition. While we think investors may be cautious around the temporary departure from the PF operating margin expansion framework, we see the OfferFit acquisition as a strategic LT move for the company. Overall, we remain encouraged by the results as well as the long-term prospects for Braze as it continues to out-innovate its competitors by redefining the marketing tech stack and continues to solidify its position as a critical first-party data set for companies."