HubSpot price target raised to $580 from $550 at Credit Suisse

Credit Suisse analyst Rich Hilliker raised the firm’s price target on HubSpot to $580 from $550 and keeps an Outperform rating on the shares. The firm notes HubSpot delivered strong Q2 results and offered guidance above Q3 estimates. However, the revised 2023 guidance implies Q4 revenue largely in line and profitability guidance very marginally below consensus estimates, Credit Suisse notes. The firm believes demand is more durable than the second half of the year guidance implies, further macro deterioration as a base case could prove to be conservative, and strong commentary from management regarding continued bi-modal execution collectively create an attractive opportunity on weakness in shares.