Klaviyo Inc (KVYO) PT Lowered to $40 at Truist Securities

Truist Securities analyst Terry Tillman lowered the price target on Klaviyo Inc (NYSE: KVYO) to $40.00 (from $55.00) while maintaining a Buy rating.

The analyst commented: "We have lowered our PT to $40 from $55 as a result of reduced revenue growth expectations. While our PT is lower, and we are more cautious around the impacts from an uncertain macro environment, we believe it is important to note that we still remain bullish on Klaviyo's ability to grow its topline 20% + while continuing to invest into the key drivers of its business (midmarket traction, international, multi-product traction, ect.) and expand its FCF margins. Our $40 PT is based on a DCF assuming 19.2% L-T revenue CAGR, 3% terminal growth, 33% terminal FCF margin, 11x terminal FCF multiple and 9.5% WACC."

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