Klaviyo initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Brett Knoblauch initiated coverage of Klaviyo with an Overweight rating and $31 price target. Since the 2023 IPO, Klaviyo shares have traded “sideways,” which the firm attributes largely to a lock-up overhang that is now in the rearview mirror, the analyst tells investors in a research note. Cantor now believes that Klaviyo’s current valuation ignores that it has a best-in-class platform, that it can maintain 20%+ growth for at least the next three years, and that it has superior go-to-market efficiency and room for product and platform expansions that can be accretive to growth and profitability.