HubSpot price target lowered to $539 from $568 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on HubSpot to $539 from $568 and keeps an Overweight rating on the shares after the company delivered “strong results against moderated expectations” in Q3. However, Q4 guidance for 17% constant currency growth in revenue implies a step down from the 24% constant currency growth in Q3, which could raise questions about the trajectory of growth into FY24. Given that, the firm has eased back its expectation for a re-acceleration in HubSpot’s growth in FY24, the analyst noted.