Klaviyo assumed with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Matthew VanVliet assumed coverage of Klaviyo (KVYO) with an Overweight rating with a price target of $48, down from $54. Klaviyo has a strong competitive position within the ecommerce industry and benefits from the industry’s long-term secular growth, the analyst tells investors in a research note. The company is tightly integrated and aligned with Shopify (SHOP), which continues to win more share of the ecommerce market, the firm says.