Klaviyo upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc upgraded Klaviyo to Overweight from Sector Weight with a $33 price target. The company has bucked the trend seen at peers showing accelerating revenue in Q2 to 35% as a number of growth drivers are hitting at once, the analyst tells investors in a research note. The two areas KeyBanc is most positive on are the continued strength up market where Klaviyo landed a record number of net-new $50,000 customers in the quarter and an international opportunity that is growing nearly 40% with the foundation still being laid.