A Marketing Tech Stock Added WhatsApp. Now They Can't Be 'Copied' Analyst Says

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  • Needham analyst Scott Berg maintained Braze Inc BRZE with a Buy and cut the price target from $70 to $50.
  • Berg attended Braze's annual customer conference, Forge and analyst day, where his primary takeaway was on product innovation that should continue to differentiate versus legacy marketing vendors. 
  • He found the conference well attended, likely with over 500 customers and prospects and more online. 
  • On the product side, the company's new Braze Data will simplify how brands leverage and activate data from external sources. 
  • It will drive improved real-time usage of this customer data.
  • Adding Meta Platforms Inc META WhatsApp as a new channel feeds into his thesis on Braze building out a multi-channel customer engagement platform legacy marketing platforms technically will not be able to copy. 
  • He also got a financial update that was essentially unchanged from prior LT expectations, but Braze provided additional framework details on how it reached its profitability goals.
  • The price target cut reflects broad compression in SaaS multiples.
  • Price Action: BRZE shares traded lower by 4.48% at $28.17 on the last check Friday.
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