Klaviyo initiated with a Neutral at Macquarie

Macquarie analyst Ross Compton last night initiated coverage of Klaviyo (KVYO) with a Neutral rating and $36 price target The firm says tailwinds around marketing tech adoption “swirl,” as e-commerce penetration rates rise, third party signal wanes, and online customers fragment across device type. It continues to view artificial intelligence as an important catalyst to Klaviyo shares, given the financial upside in improved revenue growth and pricing power. However, the analyst views the stock’s valuation as full at current levels.