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

Benchmark analyst Mark Zgutowicz raised the price target on Klaviyo Inc (NYSE: KVYO) to $46.00 (from $44.00) while maintaining a Buy rating.

The analyst commented, "Klaviyo’s 2Q results and outlook delivered the top to bottom goods and importantly, cleared the prior flat y/y op. margin hurdle, now implied by its revised up ‘25E adj. op. margin guidance. Management confirmed it’s now seeing leverage from its infrastructure investments over the past few quarters, implied by 2Q’s roughly flat gross margin q/q (vs. down -100 bps in the year ago period), particularly impressive given expanding (GM dilutive) SMS into SMB and mid-market. We subsequently lift ‘25E op. margin to 12.5% from 11.6% (+50 bps y/y), and ‘26E, +100 bps y/y to 14.9%. While 2Q revenue beat the high-end of its guide by +5%, ‘25E guidance was only raised +2%, largely reflecting email profile enforcement that began this past Feb., moderating some of the typical seasonal strength witnessed in 4Q. Importantly, this dynamic will not carry into ‘26E."

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