Braze price target lowered to $38 from $44 at Oppenheimer

Oppenheimer lowered the firm’s price target on Braze (BRZE) to $38 from $44 and keeps an Outperform rating on the shares following a meeting with management. The firm cites lower group multiples for the target cut. Despite Q2 having a smaller renewal cohort, management is not seeing any significant changes in the macro environment or industry that would raise guidance risk, the analyst tells investors in a research note. Opco believes Braze’s valuation “for a durable mid-to-high teens percentage revenue grower with a long runway for positive margin growth looks washed out.” The current multiple limits further downside, contends the firm.