Piper Sandler Downgrades HubSpot, But Raises Price Target Amid Robust Growth
Portfolio Pulse from Lekha Gupta
Piper Sandler analyst Brent A. Bracelin has downgraded HubSpot Inc (NYSE:HUBS) to Neutral from Overweight, but increased the price target to $520 from $482. The analyst believes the company's risk-reward seems less favorable after the stock gained over 80% YTD. However, Bracelin is pleased with the company's new ChatGPTpowered products, strong balance sheet, and over $200 million in annual FCF generation. The analyst raised their 2024 growth estimate for HUBS to 22% from 20%.
July 06, 2023 | 5:52 pm
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HubSpot's stock has been downgraded to Neutral from Overweight by Piper Sandler, but the price target has been increased to $520. The company's strong balance sheet and growth prospects are noted.
The downgrade to Neutral from Overweight suggests that the analyst sees less upside potential in the short term, despite the raised price target. However, the company's strong balance sheet and growth prospects could provide long-term stability.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100