Klaviyo price target raised to $47 from $33 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Klaviyo (KVYO) to $47 from $33 and keeps an Overweight rating on the shares. The company “yet again” reported a quarter that exceeded consensus expectations on both revenue and adjusted operating income, the analyst tells investors in a research note. However, the firm says management guided to consensus for Q4 revenue and meaningfully below consensus on profitability as it is implementing a new cash-based incentive program. It believes the post-earnings selloff brings an attractive entry point. Klaviyo has “ample room to consolidate” the email and SMS market, and multiple growth levers to pull over the next several years, contends Cantor.