Klaviyo rallies 14% after rev forecasts beat expectations

Klaviyo

09/05/2024 15:29

** Shares of Klaviyo  KVYO.N  jump as much as 14% to $24.55 in
early trading Thurs, and on track for their biggest daily gain
since the marketing automation firm's Sept debut, a day after it
forecast Q2 and 2024 rev above Wall Street expectations
    ** Stock last up 12% at $24.12
    ** Co also reported Q1 results that beat Wall Street
expectations, based on LSEG data
    ** Analysts at TD Cowen wrote in a note that the report
"bucks the trend of many other SMB cos.," and that they "remain
encouraged by up-market & int'l traction, as well as its
positioning in driving top-line growth for customers." 
    ** However, several brokerages cut their PTs following the
report, including Barclays which reduced its PT from $32 to
Street-low $25, per LSEG
    ** The 12-mth median PT on co is $35 with 12 "strong buy" or
"buy" ratings, 5 "hold" and no "sell" or "strong sell"
recommendations
    ** KYVO closed session on Weds down 7.9% at record low
$21.51. Including gain on Thurs, stock 20% below its $30 IPO
price

 (Reporting by Caroline Valetkevitch)
 ((caroline.valetkevitch@thomsonreuters.com))