Braze rises after co lifts FY24 forecast, brokerages raise PT

Braze

07/12/2023 14:06

** Shares of customer engagement platform Braze  BRZE.O 
rise 4.6% to $58.70 premarket
    ** Stock set to hit its highest level in 21 months if gains
hold  
    ** Co lifts FY24 revenue forecast to $465-$466 mln from the
previous forecast of $451.5-$454.5 mln 
    ** Lowers FY24 adj. loss forecast in the range of 26-27
cents per share from earlier range of 37-39 cents 
    ** Q3 results also beat Wall Street estimates 
    ** As many as 11 brokerages raise PT on stock after Q3
results 
    ** Barclays says AI integration into products and increasing
customer shift to mobile platforms is benefiting co's enterprise
expansion 
    ** BRZE "best-of-breed" customer engagement supplier in the
market, business momentum impressive given headwinds -
Oppenheimer 
    ** 16 brokerages maintain "buy" or higher rating on co's
stock, two say "hold"; median PT at $68 - LSEG data 
    ** Stock has more than doubled YTD as of last close 
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))