In today’s briefing:
- The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality
- Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging
The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality
- The U.S. Big 3 banks delivered strong 3Q23 earnings on the back of record net interest income, despite a lower balance in commercial loans and residential mortgages.
- Credit quality is mostly steady, with credit card charge-offs normalized. The main pain point is in CRE, especially for WFC.
- The proposed Basel III end game, if materialized, could have a huge impact on JPM and Citigroup in particular.
Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging
- Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis.
- Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share.
- Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
