Klaviyo upgraded to Buy from Neutral at Citi

Citi upgraded Klaviyo (KVYO) to Buy from Neutral with a price target of $50, up from $40. The company saw an increase in customers during Q2 and Shopify’s comments that only 4% of orders qualify under the China de minimis exemption suggest an even smaller percentage impact for Klaviyo, the analyst tells investors in a research note. Citi believes Klaviyo could benefit in the near-term from increased messaging volumes around tariff impacts. The firm sees further upside in the shares.