Klaviyo upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Klaviyo (KVYO) to Overweight from Equal Weight with a price target of $50, up from $40. The company expanding from email marketing to a customer relationship management platform platform for business-to-consumer businesses brings Klaviyo an expanded market opportunity. The company should see sustained over 20% sales growth and improving leverage, which is underappreciated in shares at current levels, the analyst tells investors in a research note.