Canaccord: 'Braze is growing organically in the low-20% range'.

The analyst comments "Bottom line, we remain constructive heading into FQ4 results. With signs of stabilization in retention, accelerating large customer additions, and multiple emerging growth levers gaining traction, the narrative is shifting toward one that supports durable growth – with potential for modest reacceleration. While near-term variability tied to deal timing and macro sensitivity may persist, execution remains the key driver, and recent trends suggest the company is delivering. Braze is growing organically in the low-20% range, management has committed to meaningful margin expansion, and the stock trades at ~2.5x EV/revenue on CY2026E. At these levels, we see limited downside from further multiple compression. In a downside scenario, the stock should still grind higher alongside growth; in a more likely scenario, which is dependent on consistent execution, we would expect gradual multiple expansion. That asymmetry continues to support a BUY."