Analyst Scott Berg of Needham maintained a Buy rating on Braze, retaining the price target of $50.00.
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Scott Berg has given his Buy rating due to a combination of factors that highlight Braze’s strong positioning and growth potential into CY26 and beyond. He sees Braze as his top idea for 2026, driven by a favorable backdrop for marketing and customer engagement software, where enterprises are freeing up budgets to deploy Gen-AI–enabled customer engagement tools. Within this trend, he believes Braze’s consumer-focused customer base is especially well placed to benefit quickly from these new AI capabilities, which should translate into stronger demand for the company’s platform.
Berg also points to Braze’s operating metrics as evidence of a durable growth profile that is not yet fully reflected in consensus expectations. The company’s trailing-12-month dollar-based net retention remains healthy at around the high single-digits above 100%, and it continues to add incremental customer revenue at a pace that supports solid mid-teens top-line expansion today. Based on this stability, he argues that Braze can reaccelerate to revenue growth above 20% in FY27, meaningfully outpacing current Street forecasts that sit in the mid-teens, and creating attractive upside for the stock from current levels.
In another report released on December 17, BTIG also upgraded the stock to a Buy with a $45.00 price target.