Oppenheimer lowered the firm’s price target on HubSpot to $600 from $620 on lower software multiples, while keeping an Outperform rating on the shares. The firm notes HubSpot delivered another quarter of outperformance with Q3 billings and revenue growth driven by upmarket multi-hub adoption and lower-end customer growth. Management guided Q4 in line with Street, which Oppenheimer believes meets cautious expectations.
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