Klaviyo initiated with a Buy at BTIG

BTIG analyst Nick Altmann initiated coverage of Klaviyo (KVYO) with a Buy rating and $40 price target Since its IPO, the company has remained one of the fastest-growing publicly traded software companies despite reaching scale, the analyst tells investors in a research note. Concerns over retail/e-commerce, SMB exposure, and lack of margin improvement have resulted in shares having a more muted performance despite the company being one of the few 30% growers, but the firm’s recent checks with partners were constructive and suggest a ripe opportunity for cross-selling customers Service & Marketing Analytics, BTIG added.