Klaviyo initiated with a Buy at Mizuho

Mizuho initiated coverage of Klaviyo with a Buy rating and $40 price target. Klaviyo offers a software-as-a-service platform that helps customers better engage with their consumers through several messaging channels including email, SMS, and push notifications, the analyst tells investors in a research note. The firm forecasts 4% revenue growth and 11% free cash flow margins for fiscal 2023. It believes Klaviyo could deliver sustainable growth rates in the foreseeable future, and views the company as an attractive long-term investment and an attractive entry point.