Morgan Stanley Upgrades Klaviyo (KVYO) to Buy, Keeps the PT

Klaviyo, Inc. (NYSE:KVYO) is one of the Most Promising New Technology Stocks to Buy According to Hedge Funds. On September 19, Elizabeth Porter from Morgan Stanley upgraded Klaviyo, Inc. (NYSE:KVYO) from Neutral to Buy with a price target of $50.

The analyst highlighted the company’s strategic focus from email marketing to a full CRM platform for B2C businesses. She notes that this strategic move opens a larger market opportunity for the company. Porter expects the company to grow revenue by over 20% annually for the next three years.

Morgan Stanley Upgrades Klaviyo (KVYO) to Buy, Keeps the PT

Moreover, Porter also emphasized that Klaviyo, Inc. (NYSE:KVYO) has a strong history of technological innovation. This means that it stands out in a software sector where high growth is rare. She believes the company’s current valuation is attractive. The enterprise value to sales ratio is about 6x, which she considers undervalued for a company considering its growth potential.

Klaviyo, Inc. (NYSE:KVYO) offers a customer relationship management platform designed for business-to-consumer brands.

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Disclosure: None. This article is originally published at Insider Monkey.