Klaviyo price target lowered to $50 from $55 at Piper Sandler

Piper Sandler lowered the firm’s price target on Klaviyo (KVYO) to $50 from $55 and keeps an Overweight rating on the shares. The first analyst day since the 2023 IPO helped frame why leadership believes they are only 1% done backed by bold ambitions to transform this popular marketing tool adopted by 176,000+ customers into an AI-assisted platform that retail brands can seamlessly plug into to scale operations infinitely using an autonomous CRM, the firm says. Origins as a data platform coupled with customer feedback hint at a brisk ramp in new product cross-sell and agent adoption. While the vision was promising, the 2028 target underwhelmed with no revenue/growth bogey and mid-point OM target of 16%, below the base-case given a gross margin drag on SMS, Piper adds.