Klaviyo new products can expand total addressable market, says TD Cowen

TD Cowen hosted Klaviyo (KVYO) CFO Amanda Whalen for investor meetings last week on the heels of “strong” Q4 results, noting that management reiterated its “cautious optimism” on improving macro and demand conditions and discussed its new product launches. The firm thinks these new products will expand the total addressable market and enable Klaviyo to “evolve into a broader B2C CRM platform provider,” says the analyst, who also thinks the stock’s valuation is “attractive.” TD has a Buy rating and $55 price target on Klaviyo shares.