Klaviyo rises as IPO research quiet period comes to an end

Klaviyo

16/10/2023 14:23

** Shares of marketing automation platform Klaviyo  KVYO.N 
rise 1.2% to $31.90 premarket as IPO research quiet period came
to an end on Monday
    ** KVYO shares debuted on NYSE on Sept. 30 at $9.2 bln
valuation as of last close, market capitalization stands at
$7.94 bln, according to LSEG 
    ** Baird initiates coverage with "outperform" rating and $40
PT as brokerage sees large total addressable market and strong
management, among others
    ** Needham initiates coverage with "buy" rating and PT of
$40, says KYVO can sustain growth at above-average rate as its
customers abandon legacy technology
    ** TD Cowen initiates with "outperform" rating and PT of $42
as it sees "highly strategic" partnership with Shopify, and
up-market moves as growth levers for the company
    ** Up to last close, KVYO has risen 5% from its $30 IPO
price

 (Reporting by Harshita Mary Varghese in Bengaluru)
 ((HarshitaMary.Varghese@thomsonreuters.com))