Klaviyo initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Klaviyo with an Overweight rating and $38 price target. The company’s all-in-one marketing application and data platform is differentiated, the analyst tells investors in a research note. The firm likes Klaviyo’s diversified revenue base and pricing model tied to customer contacts and credits, as well as its new product potential.