Klaviyo Inc (KVYO) PT Raised to $34 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the price target on Klaviyo Inc (NYSE: KVYO) to $34.00 (from $30.00) while maintaining a Overweight rating.

The analyst commented, "Q2 results were surprisingly strong relative to increasing macro headwinds, evident by the $10M top-line beat and improving efficiency (operating profits rose 65% y/y). Growth improved to 35% (vs. 34.5% last quarter) exceeding the 29% mid-point of guide driven by 1) healthy q/q rebound in net new customers, 2) rising SMS attach-rates, 3) mid-market momentum, and 4) accelerating demand in France and UK. We are raising our revenue estimates by $15M for 2024 and increase our PT to $34 from $30 on slightly higher growth and margin assumptions supported by a solid track record of execution. KVYO shares appear oversold (42% below 52W highs) and undervalued (24x CY26E EV/FCF) for a business on pace to reach $1B ARR exiting this year with a sustainable Rule 40+ model. "

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