Klaviyo initiated with an Outperform at FBN Securities

FBN Securities initiated coverage of Klaviyo with an Outperform rating and $35 price target. The company has built an “elegant” SaaS platform that enables companies to leverage their first-party data to create highly personalized consumer experiences across digital channels and offers an integrated solution combining a Data Layer and an Application Layer to “send the right message at the right time” to customers using email, SMS, and push notifications, the analyst tells investors. FBN sees “land, expand, growing into the Mid-Market, and International” as Klaviyo’s four key near-term growth drivers, the analyst added.