BofA raised the firm’s price target on HubSpot to $650 from $635 and keeps a Buy rating on the shares after having attended HubSpot’s analyst day. While there was no change to calendar 2024 guidance, CFO Kate Bueker introduced new a 2026 target model with an operating margin range of 18%-20%, notes the firm, which adds that it is “impressed that HubSpot is prepared for an aggressive AI roadmap, without the need for R&D investment.” Following the event, BofA believes AI has the potential to accelerate HubSpot’s consolidation of the “vast $86 billion SMB front office market.”
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