HubSpot initiated with a Market Perform at Bernstein on valuation

Bernstein initiated coverage of HubSpot (HUBS) with a Market Perform rating and $693 price target While “optimistic” about HubSpot’s fundamental story, the firm argues that a valuation “at the higher end of historical levels and at a premium to software peers” means the “upside potential is capped.” However, the firm thinks HubSpot can deliver higher growth than the Street expects as it continues gaining market share, the analyst added.