Keybanc Capital Markets analyst Michael Turits reiterated the Overweight rating on HubSpot, Inc. (NYSE: HUBS), lowering the price target to $593 from $660.
Turits lowered 2024/2025 estimates following the third quarter HubSpot Elite partner conversations that weakened relative to the analyst's second quarter checks and partner conversations he had at the Inbound conference in September.
Most partners cited macro-market uncertainty, the analyst noted.
Sales cycles indicated still long or even lengthening due to macro and more complex and up-market deals, Turits added.
While the pipeline build is strong, the analyst cautioned of risk to second-half bookings/billings given business trends and has Full story available on Benzinga.com