HubSpot price target lowered to $570 from $635 at BMO Capital

BMO Capital analyst Keith Bachman lowered the firm’s price target on HubSpot to $570 from $635 and keeps an Outperform rating on the shares. The company reported healthy upside to all metrics in the quarter and the management continues to execute well against challenging macro conditions, but its raised FY24 revenue guide was also less than the beat in the quarter and the favorable FY24 FX revision, the analyst tells investors in a research note. BMO adds that its second-half revenue and billings growth estimates are moving lower.