Klaviyo initiated with a Buy at Benchmark

Benchmark analyst Mark Zgutowicz initiated coverage of Klaviyo with a Buy rating and $42 price target. Tailwinds include an “understated” trajectory for near-term free cash flow margins, as well as the application software company’s “under-appreciated” pricing power, argues the analyst, who views Klaviyo as “well-positioned to help mid-market consolidate marketing point solutions to its centralized data hub.”