Braze Analysts Increase Their Forecasts After Upbeat Results
Portfolio Pulse from Avi Kapoor
Braze, Inc. (NASDAQ:BRZE) reported Q3 financial results surpassing expectations with a 33.1% Y/Y revenue increase to $124.0 million and an adjusted EPS loss of $(0.05). The company also raised FY24 guidance, with revenue projected between $465 million and $466 million, and adjusted EPS between $(0.26) and $(0.27). Despite the positive report, Braze shares dropped 1.3%. Analysts from Piper Sandler, Barclays, and Needham raised their price targets for Braze, maintaining positive ratings.
December 07, 2023 | 12:24 pm
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Braze reported strong Q3 results with revenue and EPS above estimates and raised FY24 guidance. Despite this, shares fell 1.3%. Analysts increased price targets, indicating confidence in the stock's future performance.
The positive earnings report and raised guidance suggest strong company performance, which typically leads to stock appreciation. However, the share price drop indicates a possible market overreaction or profit-taking. The increased price targets from analysts could lead to renewed investor interest and a potential rebound in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100