Braze price target lowered to $44 from $51 at Oppenheimer

Oppenheimer analyst Brian Schwartz lowered the firm’s price target on Braze (BRZE) to $44 from $51 on group multiples compression, while keeping an Outperform rating on the shares. The firm notes Braze’s Q1 results were above consensus estimates, though the magnitude and quality of the revenue beat was low. In Oppenheimer’s view, management is doing a good job navigating a tough operating market for customer engagement suppliers, and Braze multiples appear reasonable for a durable mid-to-high teens subscription grower.