Klaviyo price target lowered to $28 from $35 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Klaviyo (KVYO) to $28 from $35 and keeps an Overweight rating on the shares. Klaviyo is expected to deliver strong results, but ongoing SaaS sector multiple compression is likely to keep pressure on the stock, prompting a price target cut despite a positive long-term outlook, the analyst tells investors in a research note. The company remains attractive longer term given strong growth, margin expansion, upmarket traction, and solid positioning to benefit from AI adoption, the firm says.