HubSpot price target lowered to $550 from $750 at Oppenheimer

Oppenheimer lowered the firm’s price target on HubSpot (HUBS) to $550 from $750 and keeps an Outperform rating on the shares. The firm notes HubSpot reported Q3 revenue ahead of consensus estimates, but decelerated from 20%. Q4 ex-Fx revenue outlook came in below consensus estimate. Investors worry the billings deceleration coupled with a lower revenue exit rate reduces the likelihood of acceleration in FY26, Oppenheimer says. Management expects EBIT margin to expand sequentially, exiting at 22%, in line with Street estimates. The firm continues to see upmarket share gains and improving NRR as viable sources of medium-term upside. More importantly, management indicated NNARR growth continues to outpace ARR, providing cautiously optimistic bulls a path to improving fundamentals.