HubSpot Bears The Brunt Of Macro Uncertainty: Analyst Sees Lower Billings
Portfolio Pulse from Nabaparna Bhattacharya
Keybanc Capital Markets analyst Michael Turits has reiterated the Overweight rating on HubSpot, Inc. (NYSE:HUBS), but lowered the price target to $593 from $660. Turits has also lowered 2024/2025 estimates following the third quarter HubSpot Elite partner conversations that weakened relative to the analyst's second quarter checks. The analyst cited macro-market uncertainty and increasing competition as HubSpot moves upmarket as reasons for the lowered estimates.
October 17, 2023 | 6:31 pm
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NEGATIVE IMPACT
HubSpot's price target and 2024/2025 estimates have been lowered by Keybanc analyst Michael Turits due to macro-market uncertainty and increasing competition.
The lowered price target and estimates by the analyst indicate a less optimistic outlook for HubSpot's future performance. This could potentially lead to a negative impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100