HubSpot price target raised, added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI analyst Kirk Materne raised the firm’s price target on HubSpot (HUBS) to $610 from $550 and keeps an In Line rating on the shares, which the analyst is also adding to the firm’s “Tactical Outperform” list. The firm’s most recent partner survey indicates that business levels appear to be stabilizing, says the analyst, who also notes that HubSpot generally guides conservatively so Evercore does “not necessarily see F3Q results” in mid-November and fiscal Q4 guidance “being the ‘tipping point’ in terms of investors jumping in with both feet.” However, Evercore believes that a bottoming of revenue growth in Q4/Q1, coupled with steady margin expansion, “creates an attractive upside case when taking a ~3-4 month view,” the analyst tells investors.