Tuesday, Oppenheimer reiterated its Outperform rating on HubSpot Inc (NYSE: NYSE:HUBS) stock with a steady price target of $625.
Following investor meetings at the OpCo Tech Conference last week, the firm's analysts highlighted key discussions with HubSpot's investor relations team, Ryan Burkhart and Jenna Marvel. The focus was on current market trends, customer adaptation to new pricing, and various factors influencing the company's performance.
Despite acknowledging concerns about macroeconomic challenges potentially affecting customer upgrades and expansions, HubSpot's management expressed some optimism. They indicated possible benefits from seat-based pricing changes.
The company is also preparing to cycle through difficult net revenue retention (NRR) comparisons from the past and anticipates a slight positive impact on new NRR dynamics in the fiscal year 2025.
The analysts pointed out that HubSpot is navigating through a cautious business environment with strategic measures. These include transitioning existing customers to a new pricing model and leveraging multi-hub dynamics. These steps are part of the company's broader efforts to drive business amidst external pressures.
HubSpot's upcoming Analyst Day, scheduled for September 18, is viewed as a potential positive event by Oppenheimer. The firm expects this occasion to provide further insights into the company's strategies and outlook, which could influence investor sentiment.
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