Braze, Inc. (NASDAQ:BRZE) shares were trading lower on Wednesday in a volatile session after the company disclosed a deal to be acquired by Salesforce, Inc. (NYSE:CRM) for approximately $5.66 billion in enterprise value.

Several analysts downgraded Braze following the announcement, citing the limited potential for further upside after the proposed acquisition.

BTIG Sees Limited Upside For Competing Bids

BTIG analyst Nick Altmann downgraded Braze from Buy to Neutral following the deal.

The acquisition values Braze at approximately 5.3x fiscal 2028 estimated sales, a valuation the analyst considers attractive for shareholders but one that leaves little room for competing bids.

Altmann views the transaction as a strategic fit for Salesforce, combining its Data 360 and Customer 360 platforms with Braze's personalized, cross-channel engagement tools across mobile apps, email, web, SMS and WhatsApp.

With Salesforce's Marketing and Commerce segment reporting negative growth for three consecutive quarters, Braze's approximately 25% growth rate and $900 million revenue run rate could help revive growth in the business.

Piper Sandler Highlights Acquisition Premium And Strategic Value

Piper Sandler analyst Billy Fitzsimmons downgraded Braze from Overweight to Neutral while raising the price target from $30 to $47.50.

The transaction implies a next-twelve-month enterprise value-to-sales multiple of 5.7x, approximately 60% above Braze's two-year average of 3.6x and higher than the 5.0x median software acquisition multiple recorded since 2025.

Fitzsimmons views the deal as recognition of Braze's technology, commercial execution and AI development. Its capabilities could strengthen Salesforce Marketing Cloud's real-time personalization and mobile engagement offerings.

The acquisition would also remove a growing competitor for Salesforce and could generate technology synergies with Data 360 and Agentforce.

BRZE Earnings Preview And Analyst Outlook Into December 2026

Looking further out, the next major catalyst for the stock arrives with the December 8, 2026 (estimated) earnings report.

• EPS Estimate: 16 cents (Up from 6 cents YoY)
• Revenue Estimate: $227.86 million (Up from $190.84 million YoY)

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $38.92. Recent analyst moves include:

• BTIG: Downgraded to Neutral (Oct. 21)
• Wells Fargo: Downgraded to Equal-Weight (Raises Target to $47.50) (Oct. 20)
• Oppenheimer: Downgraded to Perform (Oct. 20)

BRZE Stock Price Activity: Braze shares were down 0.25% at $45.46 during premarket trading on Wednesday, according to market data.