HubSpot price target raised to $630 from $570 at Needham

Needham analyst Joshua Reilly raised the firm’s price target on HubSpot to $630 from $570 and keeps a Buy rating on the shares after the company’s Analyst Day presentation. The analyst notes that while partner discussions indicate that the macro environment remains a headwind, the company’s product innovation is accelerating, and supporting upgrades to Pro and Enterprise are somewhat offsetting macro challenges. HubSpot’s growth will accelerate when macro challenges subside, and investors will likely continue to assign a premium valuation to the company’s shares, the firm tells investors in a research note.