Investing.com -- Goldman Sachs upgraded Zeta Global to Buy from Neutral and downgraded Klaviyo to Neutral from Buy on Friday, telling investors in a note that it sees greater visibility into upside to 2027 estimates for Zeta.

Analyst Callie Valenti said both remain differentiated marketing platforms with strong customer feedback and substantial long-term opportunities.

“ZETA shares are up 65% YTD, but we expect upside to numbers could drive continued outperformance and we see a compelling 4x risk/reward skew,” Valenti wrote.

Goldman said Zeta is gaining enterprise share as customers modernize legacy marketing platforms and consolidate fragmented data, intelligence and activation tools.

The analyst added that the company’s main differentiator is its data, which covers thousands of indicators on more than 240 million U.S. consumers. Zeta’s partnership with Palantir is said to create another path to larger enterprise deals.

Goldman models Zeta’s 2027 revenue and EBIT 3% and 5% above consensus, respectively. It set a 12-month price target of $45.

On Klaviyo, the bank remains positive on the long-term opportunity but sees less visibility into the timing and magnitude of newer growth drivers. Goldman acknowledged that agent adoption has been encouraging.

“However, our industry conversations suggest that SMBs are more likely to experiment with AI or prioritize horizontal tools before adding new application spend, which could lengthen the monetization ramp for agents, Service, and other newer products,” Valenti commented.

Shopify merchants account for 78% of Klaviyo’s annual recurring revenue, though the company is growing in verticals outside e-commerce and expanding up-market.

Goldman models Klaviyo’s 2027 revenue and EBIT 1% and 4% below consensus, respectively. It set a 12-month price target of $20.

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