Investing.com -- Goldman Sachs initiated or assumed coverage of four customer experience software stocks in a note on Wednesday, assigning Buy ratings to Twilio (NYSE: TWLO), Braze (NASDAQ: BRZE) and Klaviyo (NYSE: KYVO) while rating Zeta Global (NYSE: ZETA) at Neutral, arguing that artificial intelligence is reshaping competitive dynamics across the sector.

Analyst Callie Valenti told investors that Goldman favors companies that "can benefit from industry shifts driven by AI, have a differentiated infrastructure layer, and are in the early innings of a new product cycle."

The bank set price targets of $300 for Twilio, $34 for Braze and $26 for Klaviyo, with a $28 target on Zeta.

Goldman said AI has already begun driving market share shifts in customer service, benefiting Twilio, while within marketing, "companies with strong technology take further share from legacy solutions as AI causes enterprises to rethink modern consumer experiences."

Braze and Klaviyo were flagged as particular opportunities, with Goldman arguing both stocks have seen "unwarranted underperformance as a result of the AI driven bear case on application software" and that "the market is not pricing in the differentiation in their infrastructure."

The bank said Braze could achieve approximately 20% operating margins in under three years as unit economics improve.

For Twilio, Goldman quantified an expanding opportunity in voice, while for Klaviyo, it outlined a cross-sell opportunity within customer service and assessed remaining runway within the Shopify ecosystem.

Zeta's rating reflects the bank's view that M&A activity drives superior return on investment versus competitors.