HubSpot downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded HubSpot (HUBS) to Neutral from Overweight with a price target of $640, up from $570. The firm is encouraged by the company’s “solid” Q3 execution and believes HubSpot appears to be safely navigating a challenging external environment. However, the shares have risen 33% in the last three months and now appear fairly valued, the analyst tells investors in a research note. Piper thinks the risk/reward above $640 per share “appears balanced.”