Klaviyo gains after Barclays upgrades to 'overweight', lifts PT

Klaviyo

12/06/2024 13:29

** Shares of marketing automation firm Klaviyo  KVYO.N  rise
3.2% to $23.30 premarket after Barclays upgrades to "overweight"
from "equal-weight" 
    ** Says co is a top growth asset that has not been properly
rewarded for its healthy execution despite headwinds in martech
and server message block (SMB) software industries
    ** Continued execution will be the greatest catalyst for
KVYO and allow for separation from peers; stock trading at a
discount to peers on a growth-adj. basis - Barclays
    ** Sees many avenues for growth and a path for solid beats
on earnings going forward 
    ** Raises PT on the stock to $29 from $25, a premium of over
28% to co's last close 
    ** 13 brokerages rate the stock "buy" or higher, while four
rate it "hold"; median PT at $35 - LSEG data 
    ** KVYO stock has lost over 18% YTD of last close 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))