TD Cowen Reiterated a Buy Rating on Klaviyo (KVYO), Kept the PT Unchanged

Klaviyo, Inc. (NYSE:KVYO) is one of the Most Promising New Technology Stocks According to Wall Street Analysts. On June 23, Derrick Wood from TD Cowen reiterated a Buy rating on Klaviyo, Inc. (NYSE:KVYO) with a price target of $45.

The analyst noted that his positive view about the company is based on the ongoing growth. Klaviyo, Inc. (NYSE:KVYO) posted 33% year-over-year growth in the first quarter, which came in higher than expected. Moreover, the company maintained a stable net revenue retention rate of 108%, suggesting customers are sticking with the platform.

A team of software developers gathered around a monitor discussing a new CRM platform.

Wood noted that Klaviyo, Inc. (NYSE:KVYO) is transforming. It is moving from core email and SMS marketing to a wider B2C CRM platform. New services in marketing analytics and customer service are helping drive this shift. Notably, the company trades at a lower multiple than its competitors, and its revenue growth has outpaced many peers.

Klaviyo, Inc. (NYSE:KVYO) provides 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.