HubSpot price target raised to $470 from $380 at Needham

Needham raised the firm’s price target on HubSpot to $470 from $380 and keeps a Buy rating on the shares. The company’s Q4 results were strong with a 5.5% beat on recurring revenue, and investors will be relieved by management commentary that the demand environment remained stable, the analyst tells investors in a research note. The company remains well positioned to re-accelerate net ARR growth when the economy recovers and customers resume normal upgrade patterns, the firm added.