Klaviyo price target lowered to $40 from $42 at Benchmark

Benchmark lowered the firm’s price target on Klaviyo (KVYO) to $40 from $42 and keeps a Buy rating on the shares following management’s “soft guide” for FY25 revenue and non-GAAP operating margin. It is “disappointing given the operating guidance marks a third consecutive year of about flat y/y leverage,” but the firm believes this bar is “conservatively set to beat,” though likely more meaningfully in the second half with easier year-over-year S&M investment comparisons, the analyst tells investors.