HubSpot price target lowered to $600 from $700 at Canaccord

Canaccord analyst David Hynes lowered the firm’s price target on HubSpot to $600 from $700 and keeps a Buy rating on the shares. The firm said they reported its typical upside as Q2 revenue and calculated billings growth both came in at 20% for the quarter. Macro commentary was pretty consistent; slower decision making, longer sales cycles, etc. and while up-sells remain a challenge, the firm has seen stabilization in down-sells and gross retention, which is reflected in NRR of 102%, and which is expected to more or less hover around this range for the time being.