HubSpot price target raised to $700 from $580 at Mizuho

Mizuho analyst Siti Panigrahi raised the firm’s price target on HubSpot to $700 from $580 and keeps a Buy rating on the shares. The company reported a strong Q4, delivering a revenue and profitability beat, the analyst tells investors in a research note. The firm says HubSpots initial 2024 guidance appears conservative given it implies a mid-20% decline in net new customer revenue when excluding Clearbit. Moreover, while the recently announced pricing changes will likely only have a modest impact over the near-term, this allows HubSpot to better monetize its artificial intelliotence platform, adds Mizuho.