HubSpot downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Derrick Wood downgraded HubSpot (HUBS) to Hold from Buy with a price target of $725, up from $680. The firm sees the shares as fairly valued following the recent rally. It models HubSpot’s model growth decelerating from 20%-plus to mid- to upper-teens. Moreover, TD’s IT survey shows marketing technology spending priority down-ticking in 2025, and recent partner conversations reveal some potential disruption in the ecosystem, the analyst tells investors in a research note.