Klaviyo initiated with a Buy at Canaccord

Canaccord initiated coverage of Klaviyo with a Buy rating and $37 price target. The company has a large total addressable market and multiple avenues to growth, an efficient distribution channel, and a “relatively unique” competitive positioning, the analyst tells investors in a research note. The firm says that while Klaviyo shares aren’t cheap, investors will be willing to pay a premium for “premium metrics and notionally conservative estimates.”