HubSpot price target raised to $650 from $600 at BofA

BofA raised the firm’s price target on HubSpot to $650 from $600 and keeps a Buy rating on the shares. After having spoke to multiple HubSpot agency partners, the firm says commentary suggests that deal activity improved in Q4 from a softer Q3 and that while macroeconomic pressure still lingers, it appears to have eased somewhat. The firm was also “encouraged” by positive early interest in AI features, which is likely to drive incremental subscription and average selling price growth moving through FY24.