Jefferies attributes the 10% pullback in HubSpot (HUBS) shares since the Q1 report on May 8 to several factors, including the company’s guidance implying a lower exit growth rate than investors were expecting. The firm thinks the stock’s current valuation reflects investor concerns. HubSpot getting back on a path to 20% growth should push shares higher and help the company return to trading at a premium, the analyst tells investors in a research note. Jefferies hosted a HubSpot partner to see how demand trends have changed quarter-to-date and to gauge whether Salesforce (CRM) is putting more pressure on the company. The feedback was encouraging, as demand appears to have rebounded and macro concerns have eased, the firm contends. It thinks a solid Q2 should get HubSpot “back on track.” The firm keeps a Buy rating on the shares with a $700 price target
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