HubSpot just upgraded at Piper Sandler, here’s why

Piper Sandler upgraded HubSpot to Overweight from Neutral with a price target of $610, up from $515. The analyst raising estimates by $60M for 2024 assuming 19.4% growth based on the combination of improving data from the firm’s 2024 CIO survey coupled with a recovery in website traffic. This gives Piper confidence that HubSpot’s core growth could stabilize and/or begin to improve in the second half of 2024, the analyst tells investors in a research note. The firm says its new inputs and the addition of the Clearbit acquisition suggest reset consensus growth expectations of 17.7% for 2024 are too low.