How does Braze's current valuation compare to its peers in the customer engagement platform space?

Braze (BRZE) is currently trading at a forward‑12‑month EV/Revenue multiple of roughly 10‑12 ×, which sits at the higher end of the “customer‑engagement SaaS” peer set. By comparison, HubSpot (a broader‑scope CRM/Sales‑and‑Marketing platform) is priced near 8‑9 × forward revenue, while the pure‑play engagement specialists that are publicly listed—e.g., Amplitude (≈ 9 ×) and Braze’s direct competitor *Customer.io (private, but disclosed valuations around *8‑10 × in recent funding rounds)—hover in the 8‑10 × range. The premium on Braze reflects its mid‑single‑digit net‑revenue growth (≈ 15‑20 % YoY) and its higher gross‑margin profile (≈ 80 %), which is stronger than many of the smaller pure‑play peers that are still in the high‑growth, pre‑profit stage.

From a technical standpoint, Braze has been holding the 200‑day moving average and is testing a mid‑April‑May resistance zone around $30‑$32. The stock’s relative strength index (RSI) is in the mid‑50s, indicating modest upside momentum but no overbought condition. The upcoming Citi Global TMT and Piper Sandler conferences will likely provide the next catalyst—management’s guidance on 2025 ARR targets and margin expansion will either justify the current premium or expose a valuation gap.

Trading implication: If the conference guidance confirms continued 20 %+ ARR growth and a clear path to profitability, the 10‑12 × EV/Revenue premium could be warranted, making a break‑out above $32 a viable entry point for a short‑term upside play. Conversely, if growth expectations are trimmed or margin targets look uncertain, the stock may face a downside correction toward the 200‑day average near $24‑$25, where the valuation would line up more closely with the broader SaaS peer set. Positioning a tight stop just below the 200‑day line and monitoring the conference commentary will help capture the upside while limiting exposure to a potential de‑rating.