Klaviyo Inc (KVYO) PT Raised to $46 at Needham

Needham analyst Scott Berg raised the price target on Klaviyo Inc (NYSE: KVYO) to $46.00 (from $40.00) while maintaining a Buy rating.

The analyst commented: "Klaviyo reported another solid sales quarter against a macro continuing to drive a soft sales environment that has been offset by strong up market sales execution. Revenue outperformance of 3.9% was at the midpoint of its post-IPO results over the last five quarters. We expect modest share weakness after the company implemented a new comp strategy shifting some SBC to cash comp that will drive 4Q operating margins lower due to a catch up accrual. We expect investors will ultimately like this change as our math suggests it could drive somewhere around 8%-10% less annual share dilution. Healthy cross sell and the company reporting its best >$50k cohort lands ever suggest recent innovation efforts are monetizing well, driving our Buy rating and view the company can continue to grow at a 25% annual rate for at least another two years."

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