Klaviyo price target raised to $45 from $34 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Klaviyo (KVYO) to $45 from $34 and keeps an Overweight rating on the shares. The firm told investors that 2024 is shaping up to be a “milestone year” for the company with annual recurring revenue poised to exceed $1B on an estimated 28%+ year-over-year exit growth rate. Piper Sandler cites increasing confidence in sustaining 25%+ growth and a 10%+ operating margin model for the price target increase.