HubSpot Inc (HUBS) PT Raised to $160 at Needham & Company Following Inbound Conference

Needham & Company analyst Scott Berg raised the price target on HubSpot Inc (NYSE: HUBS) to $160.00 (from $145.00) while maintaining a Buy rating after attending HUBS' annual customer conference Inbound and Analyst Day yesterday.

Berg commented, "We reiterate our Buy rating on HUBS after attending HUBS' annual customer conference Inbound and Analyst Day yesterday. We came away most impressed with customer interest in Sales and Service Hub, which was above our expectations after a luke-warm reception last year. Our conversations suggest HUBS could get a rush of new customers seeking to take advantage of the old pricing model before the November 1st changes which would pull ahead unit adds and revenue into 4Q, creating upside. We like the new products as they should help the company competitively up market (200 - 2k) and down market below 20 along with making Service Hub more desirable but extend 30% growth into FY19. HUBS' updated LT financial model called for a wider GM and an increase in R&D spending that we think can garner a higher valuation."

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