Citi ‘incrementally positive’ after HubSpot analyst day

Citi analyst Tyler Radke came away from HubSpot’s analyst day “incrementally positive” and reiterates a Buy rating on the shares with a $695 price target. Although there were no pricing or immediate monetization announcements, this could come as new artificial intelligence functionality, currently in beta, goes live in early 2024 and starts contributing to growth in the second half of next year, the analyst tells investors in a research note. The firm says HubSpot’s long-term targets were reiterated while its new medium term margin targets largely aligned with Street estimates.