TD Cowen lowered the firm’s price target on HubSpot (HUBS) to $600 from $650 and keeps a Hold rating on the shares. The firm notes the company delivered 18% cc growth, above guide of 16% cc, with the 2% beat below 3% last quarter. Full year guide was lifted by 1pt to 17% cc. Macro trends are stable with outperformance from its up-market business. TD Cowen acknowledges there is lots of discussion on how AI is disrupting Search/SEO, but says HubSpot plans to help B2B companies navigate this transition. The firm suspects these crosscurrents will continue to weigh on valuations.
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