Klaviyo price target lowered to $33 from $38 at Citi

Citi lowered the firm’s price target on Klaviyo to $33 from $38 and keeps a Neutral rating on the shares. The company’s first quarter as a public company was solid, the analyst tells investors in a research note. The firm says that while growth metrics were solid with both customer count and annual recurring revenue coming in ahead of expectations, SMS may have been a tad lighter with the significant gross margin beat and management noting pricing discipline in some select markets.