Goldman Sachs analyst Gabriela Borges initiated coverage of Klaviyo with a Neutral rating and $36 price target, which represents 14% upside. The analyst believes Klaviyo is well positioned to benefit from secular shifts within the marketing tech stack, including omni-channel engagement, empowering marketing professionals to execute curated campaigns, and the increasing value of first party data. However, the firm views the stock as fairly valued at current levels, and looks for to momentum upmarket and diversification outside of retail to unlock longer term stock outperformance.
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