HubSpot price target raised to $500 from $450 at Jefferies

Jefferies analyst Samad Samana raised the firm’s price target on HubSpot to $500 from $450 and keeps a Buy rating on the shares. The firm’s recent survey of 50 HubSpot partners positively surprised Jefferies — most performed in-line or better than expected in Q1 and are on track to meet or exceed initial 2023 expectations. The survey also shows HubSpot is strengthening its competitive positioning and that Marketing Hub has room to run. There were some yellow flags, but overall the survey reinforced the firm’s view that HubSpot can navigate the near-term choppiness well and that the long-term outlook remains positive, Jefferies says.