KeyBanc lowered the firm’s price target on HubSpot to $593 from $660 and keeps an Overweight rating on the shares. The firm is also trimming 2024/2025 estimates following Q3 HubSpot Elite partner conversations that weakened relative both to its Q2 checks and to partner conversations KeyBanc had just over a month ago at Inbound. Most cited was macro/market uncertainty. The firm remains positive on HubSpot’s dominance of the SMB CRM market, broadening product scope and platform sales, and potential to move up market, and early if, in its view, decidedly positive AI opportunity given customer interest in front office AI and HubSpot’s breadth of platform data capture.
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