HubSpot price target raised to $500 from $360 at Raymond James

Raymond James analyst Brian Peterson raised the firm’s price target on HubSpot to $500 from $360 and keeps a Strong Buy rating on the shares. HubSpot’s Q4 results broadly exceeded estimates, with an initial 2023 outlook that was above consensus for both growth and profitability, the analyst tells investors in a research note. The company still faces some cyclical pressures, but net new customer adds was the strongest since 1Q19, while the outlook for 20% constant currency revenue growth in 2023 is far better than most software assets, the firm says.