KeyBanc analyst Michael Turits raised the firm’s price target on HubSpot to $485 from $450 and keeps an Overweight rating on the shares. The firm notes that survey data from 33 VARs and channel partners indicated roughly stable Q1 results relative to plan versus last quarter, and relatively stable 2023 IT budget outlook growth, with less citing macro impact. Regarding HubSpot, Q1 checks with 5 Elite/Diamond partners were about evenly split, similar to Q4 and Q3. While there were indications of weakness in Jan/Feb with digital marketing budgets remaining pressured, the firm notes there were also signs of demand returning in March and into Q2.
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Published first on TheFly
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