Klaviyo price target raised to $48 from $39 at Citi

Citi analyst Tyler Radke raised the firm’s price target on Klaviyo (KVYO) to $48 from $39 and keeps a Neutral rating on the shares as part of a December quarter preview for the front-office application software group. Checks for the front-office companies were “cautiously optimistic” this quarter, indicating an uptick in the IT budget outlook and enterprise momentum, the analyst tells investors in a research note. Citi senses a little more optimism for front-office software budgets in 2025 compared to the start of 2024, with improving sentiment among ecosystem partners the post-U.S. elections and anecdotes of increasing customer engagement.