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Braze Inc (NASDAQ:BRZE) held its first Analyst Day on Friday, reportedly focused on recent product announcements, competitive differentiation and the levers to achieving the long-term operating income margin target of 20%.
UBS analysts attended the event and said there were “no new financial disclosures or changes to the 3QF23/FY23 guide, and we didn’t uncover anything we’d deem as needle-moving in the near-term in the prepared remarks.”
However, UBS “suspect that attention was centered on their macro and sales productivity commentary,” wrote the analysts, who have a Buy rating and a $53 price target on the stock. “They said that the environment they experienced in 2QF23 has continued into 3QF23, and that sales productivity remains challenged relative to historic levels but is improving. We’re sympathetic that both are likely not helping sentiment post the mixed 2QF23 print.”
Braze shares have fallen more than 4% Friday. It is down almost 64% in 2022.
Elsewhere, JMP Securities, which has a Market Perform rating and $52 price target on Braze shares, told investors in a note that they “spoke to a large prospective customer in the financial services industry that is considering rolling out Braze for a select number of use cases in its retail banking division.”
“While the prospective customer likes the software and commented that, ‘it has been really great to hear from existing customers about how they are using Braze,’ they noted, ‘the biggest barriers to adoption are around the risks associated with data security.'” wrote the analysts.
