HubSpot price target raised to $700 from $650 at Scotiabank

Scotiabank analyst Nick Altmann raised the firm’s price target on HubSpot (HUBS) to $700 from $650 and keeps an Outperform rating on the shares. The analyst says reports of Alphabet (GOOG, GOOGL) looking at possibly acquiring HubSpot should provide near-term valuation support despite shares already trading at a premium to peers. The firm believes HubSpot has always been an attractive takeover candidate “for many reasons,” including its durable growth over last decade in one of software’s largest markets, all organic product innovation and disciplined margin profile. Tere is a fair argument to be made as to why Google would look at acquiring HubSpot, adds Scotiabank. The firm, however, is unsure as to if a deal would actually happen.