Goldman Sachs upgraded Klaviyo to Buy from Neutral with an unchanged price target of $36, which represents 30% upside. The analyst sees the stock’s 22% underperformance over the last three months versus the Nasdaq 100 as a buying opportunity. Concerns around a disruption to Klaviyo’s business model from ongoing changes to email spam filtering are overdone based on recent industry conversations, the analyst tells investors in a research note. The firm expects to see continued evidence of “share gain up market given Klaviyo’s differentiated approach” to the software infrastructure underpinning its marketing application.
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