1Q Preview: Positive Checks, Expect Another Qtr Of Organic Growth Acceleration

研报英文原文证据摘录

1Q Preview: Positive Checks, Expect Another Qtr Of Organic Growth Acceleration

Software

Braze

TD SECURITIES (USA) LLC COMPANY UPDATE

May 21, 2026

Price: $23.41 (05/21/2026) 1Q Preview: Positive Checks, Expect Another

Price Target: $30.00 Qtr Of Organic Growth Acceleration

BUY (1)

ESG SCORE: 63/100

Derrick Wood, CFA THE TD COWEN INSIGHT

415 646 7370

BRZE reports 1Q on 5/27. Industry convos have been constructive, calling out healthier deal

derrick.wood@tdsecurities.com

activity & growing legacy displacement momentum. We look for a ~3% beat, which would mark

Andrew Sherman, CFA 4 qts of accelerating organic growth into the mid/upper 20% level. Improving fundamentals &

617 946 3728 no signs of AI disruption should help continue improving the narrative & be a positive catalyst

andrew.sherman@tdsecurities.com

for shares. Reiterate Buy.

Cole Erskine

646 562 1467 Key Points

cole.erskine@tdsecurities.com

■4Q Recap: BRZE is coming off of a strong 4Q, with a ~3.5% beat above the ~3% TTM average

Jared Jungjohann & organic rev growth accelerating to ~24%. FY27 guide of +19.8%-20.4% was well ahead of

646 562 1416 Street's prior 17% est., and op margin guide was reiterated at ~8%.

jared.jungjohann@tdsecurities.com

■1Q Data Points: Our partner conversations have been constructive, incl. 1) stronger deal

Key Data activity, driven in part by email-only deals opening up new opps; 2) increasing velocity

Symbol NASDAQ: BRZE

of legacy displacements from CRM & ADBE, in part driven by new CRO leadership that

Beta: 0.77 came from CRM; and 3) the attractive ROI of BRZE & its ability to consolidate multiple

52-Week Range: $36.80-$15.79 channels onto one platform is resonating as enterprises look to find budget for incremental

Market Cap: $2.6B AI investment.