Klaviyo soars on Q2 beat, cheery rev guidance, Wall Street upgrade

Klaviyo

08/08/2024 14:01

** Klaviyo Inc's  KVYO.N  shares up 22.2% premarket to
$28.20, over 5-mth high, after marketing automation firm's qtrly
results, forecast exceed expectations
    ** KVYO shares on course for biggest daily pct gain since co
went public last Sept
    ** Co late Weds posted 35% yr/yr rev growth in Q2 of $222
mln and non-GAAP EPS of 15 cents
    ** Analysts on avg had called for rev of $212 mln and
non-GAAP profit of 11 cents/sh, per LSEG
    ** Co now forecasts FY 2024 rev of $910-$918 mln, compared
to prior guidance of $899-$907 mln
    ** KeyBanc upgrades to "overweight" from "sector weight",
sets PT at $33
    ** KVYO has bucked the trend seen at front office software
peers in 2024 showing accelerating rev as a number of growth
drivers are hitting at once, KeyBanc said in note
    ** Barclays, TD Cowen and Mizuho raised their respective PTs
reacting to report
    ** Now, 14 of 17 analysts rate KVYO "strong buy" or "buy",
rest "hold" and median PT is $34.50 - LSEG
    ** Through Weds, KVYO shares down 17% YTD and still below
their $30 IPO price

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))