HubSpot price target lowered to $275 from $350 at Oppenheimer

Oppenheimer analyst Ken Wong lowered the firm’s price target on HubSpot (HUBS) to $275 from $350 and keeps an Outperform rating on the shares. The firm notes the company reported Q1 revenue growth in line with consensus expectations. However, billings fell short with linearity shifting more backend-weighted. Management flowed through most of the Q1 revenue beat to FY26 outlook, but projected a Q2 deceleration due to disruptions from April sales training and agent pricing changes. Oppenheimer expects the Q2 step-back coupled with commentary that NNARR fell below Q1 revenue growth to exacerbate an already tenuous re-acceleration narrative.