HubSpot price target lowered to $520 from $650 at BofA

BofA lowered the firm’s price target on HubSpot to $520 from $650 and keeps a Buy rating on the shares. After having spoken with nearly a dozen ad agency partners to gauge Q3 deal activity and pipeline builds, the analyst says commentary suggests new customer signings down ticked a bit, starting in August, and although most partners did not miss expectations, no partner was exceeding expectations. Given expectations for a muted demand environment, the firm is lowering its price target, but with shares down 12% since early September, BofA argues that near-term downside associated with a skinnier beat “looks largely priced in.”