HubSpot price target lowered to $700 from $900 at Needham

Needham lowered the firm’s price target on HubSpot (HUBS) to $700 from $900 and keeps a Buy rating on the shares. The company reported a solid Q3 with constant currency revenue growth of 18% – the third consecutive quarter of this growth rate, though the concern is around the 16% Y/Y revenue growth guide for Q4 following the disclosure of accelerating ARR growth at Inbound in September is a disappointment to some investors, the analyst tells investors in a research note. The firm is also citing software multiple compression in cutting its price target