Klaviyo initiated with a Sector Perform at Scotiabank

Scotiabank initiated coverage of Klaviyo (KVYO) with a Sector Perform rating and $30 price target. The analyst says the company’s vertically integrated marketing automation platform has allowed it to create a “top-class growth profile,” while its “close-knit” partnership with Shopify (SHOP) has brought market share gains over the past several years. However, the firm sees the shares as appropriately valued, and waits for more evidence of new growth levers taking meaningful hold prior to recommending the name.