HubSpot price target lowered to $602 from $606 at Bernstein

Bernstein analyst Firoz Valliji lowered the firm’s price target on HubSpot (HUBS) to $602 from $606 and keeps an Outperform rating on the shares. The firm notes HubSpot delivered a solid Q3 and raised their full year guidance incrementally, but the guidance comes across as subdued when considering the commentary around business fundamentals and structural NRR tailwind heading into Q4. Given that investors are already jittery about AI disruption risk for SaaS business, a subdued guidance doesn’t help improve confidence, Bernstein argues. Looking beyond guidance, results for the quarter and most business metrics remained healthy and management sounded optimistic around growth levers for next year.