KeyBanc Upgrades Klaviyo Inc (KVYO) to Overweight

KeyBanc analyst Jackson Ader upgraded Klaviyo Inc (NYSE: KVYO) from Sector Weight to Overweight with a price target of $33.00.

The analyst comments: "We began fairly neutral on Klaviyo at our March launch with our optimism around the Company's potential growth moderated by what we expected was to be limited upside to numbers as we moved through a tough cycle for front office software. The Company has bucked the trend seen at peers showing accelerating revenue in 2Q24 to 35.0% as a number of growth drivers are hitting at once. The two areas we are most positive on are the continued strength up market where Klaviyo landed a record number of net-new $50K customers in the quarter and an international opportunity that is growing nearly 40% with the foundation still being laid. EMEA, a notable weak spot for others in software, accelerated in the quarter to 45.0% growth thanks to strides made on the product like localizing language and further SMS attach, again bucking the trend."

For an analyst ratings summary and ratings history on Klaviyo Inc click here. For more ratings news on Klaviyo Inc click here.

Shares of Klaviyo Inc closed at $23.08 yesterday.

You May Also Be Interested In

• BNP Paribas Exane Upgrades Puig Brands SA (PUIG:SM) to Outperform
• Goldman Sachs Starts Liftoff Mobile (LFTO) at Buy
• Pattern Group Inc (PTRN) PT Raised to $27 at Goldman Sachs