Klaviyo initiated with a Sector Weight at KeyBanc

KeyBanc analyst Jackson Ader initiated coverage of Klaviyo with a Sector Weight rating and no price target. The company’s revenue growth is expected to dip down into the mid-20%s by the end of 2024 with upside potential “being relatively limited,” the analyst tells investors in a research note. In addition, the firm says moving upmarket brings Klaviyo into more direct competition with more competent competitors and away from point solutions.