BMO Capital analyst Keith Bachman lowered the firm’s price target on HubSpot to $635 from $710 and keeps an Outperform rating on the shares. The company reported modest upside to revenue and billings in the March quarter, but while the firm’s constant-currency FY24 revenue growth forecast is moving slightly higher, its revenue estimates are largely unchanged due to FX headwinds, the analyst tells investors in a research note. Revenue upside for HubSpot is also less likely through FY24 due to the reemergence of SMB headwinds, the firm added.
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