Klaviyo (KVYO), ZoomInfo Technologies (GTM) and Amplitude (AMPL) reported Q2 results that underscored resilient demand but also the need for continued investment to sustain growth, while uneven customer trends at ZoomInfo remain a concern, Morgan Stanley said in a Thursday note.

For Klaviyo, the brokerage said solid demand, driven by accelerating customer additions and AI agent adoption, was offset by margin pressure from higher SMS costs and product investments, prompting a lower full-year operating income outlook despite a roughly $12 million increase in fiscal 2026 revenue guidance.

Amplitude delivered accelerating revenue and annual recurring revenue growth, driven by the Statsig integration and enterprise demand, supporting higher fiscal 2026 revenue and operating income guidance despite AI investment and integration costs weighing on margins, the report said.

The brokerage said stronger enterprise demand, operations products and cost discipline supported a roughly $17 million increase in fiscal 2026 revenue guidance for ZoomInfo. However, weakening retention and upmarket customer metrics indicate the company's top-line recovery remains unproven.

Morgan Stanley maintained its overweight ratings on Klaviyo and Amplitude, while reiterating its equal-weight rating on ZoomInfo Technologies.

The brokerage lowered its price target on Klaviyo to $31 from $34, while maintaining its $5 and $12 price targets on ZoomInfo Technologies and Amplitude, respectively.

Klaviyo shares were down 15%, while ZoomInfo Technologies and Amplitude shares rose 12% and 7%, respectively.

Price: 16.37, Change: -2.94, Percent Change: -15.21