Overview
Benchmark has trimmed its price target for Klaviyo Inc. (NYSE:KVYO) to $30.00 from $46.00 but continues to carry a Buy rating as investors await the company’s next quarterly report. The stock is trading around $19.58 and has dropped about 41% year-to-date, trading close to its 52-week low of $18.57.
Timing and catalyst
The company is scheduled to publish fourth-quarter results on Tuesday, February 10, after the market close, a timing point Benchmark flagged in its research note. The firm lowered its target ahead of that release, citing both headline risks and a more cautious fundamental outlook embedded in its revised model.
Why Benchmark changed the target
Benchmark’s analysts point to two primary factors behind the adjustment. First, they noted that headlines around artificial intelligence agent disintermediation have pressured the stock. Second, the firm adopted a more conservative baseline for Klaviyo’s core business through 2026, which reduced modeled upside under its prior assumptions.
At the same time, Benchmark left open the possibility that services and AI-related monetization could reignite top-line growth, and it emphasized that the fundamentals remain the central focus of its thesis.
Updated model and projections
Under its revised forecast, Benchmark now projects a 2026-2028 compound annual growth rate for total revenue of 19.6%, and an adjusted operating income CAGR of 28.1% for the same period. The firm also expects that adjusted operating margins in 2028 will be 310 basis points higher than in 2025, reflecting anticipated margin expansion as the company scales.
Market context and analyst activity
Despite the headline concerns, InvestingPro data referenced by Benchmark shows 19 analysts have increased earnings estimates for the upcoming period. The company’s balance sheet remains weighted toward liquidity, with more cash than debt on hand, according to the same data reference.
Other research houses have continued to express bullish views: Cantor Fitzgerald reiterated an Overweight rating with a $40 price target, and Stifel maintained a Buy rating with a $40 target. Those firms cited confidence in Klaviyo’s positioning amid AI developments and the company’s leadership moves.
Operational signals and product moves
Klaviyo reported strong results during the Black Friday to Cyber Monday window, with customers generating $3.8 billion in Klaviyo Attributed Value, a 27% year-over-year increase. The platform delivered more than 22.7 billion messages during that period, up 25% from the prior year, and supported nearly 20,000 customers in achieving their best sales days.
On the product front, Klaviyo launched an app integration with ChatGPT that lets marketers query campaign performance and revenue changes directly inside the ChatGPT interface, avoiding the need to switch platforms to retrieve campaign-level metrics.
Leadership and strategic alignment
Klaviyo announced the appointment of Chano Fernández as co-CEO, effective January 2026. Fernández will share leadership with co-founder Andrew Bialecki; Fernández is set to run go-to-market strategies and operations while Bialecki focuses on building AI-first products. Benchmark characterized AI agent headlines as a longer-term concern most relevant to Klaviyo’s micro and small business customer segments, a dynamic it expects near-term fundamentals may help mitigate.
Investor resources and near-term stance
Benchmark said it remains buyers of the stock in the run-up to earnings, suggesting that near-term operational performance could offset some of the headline-driven risks. For subscribers seeking deeper context, InvestingPro offers additional ProTips and a Pro Research Report that provide more granular financial metrics and investing guidance ahead of the earnings release.