HubSpot price target lowered to $460 from $520 at KeyBanc

KeyBanc lowered the firm’s price target on HubSpot (HUBS) to $460 from $520 and keeps an Underweight rating on the shares. With news hitting that Google (GOOG, GOOGL) was no longer pursuing an acquisition of HubSpot, the narrative around HubSpot “seemingly changed from takeout to fundamental in one fell swoop,” the analyst tells investors in a research note. “With some charm taken off the stock, we think the fundamental story may still have additional downside,” the firm contends. As such, it doesn’t want to walk away from its Underweight rating at this time. KeyBanc says the primary worry is likely still playing out, as HubSpot’s pricing and packaging changes will be felt in Q2 since the change went into effect for new customers on March 5. In addition, some new concerns have come to light, including key management departures, partner resources being cut, early checks being “squishy,” the firm notes.