Stifel's HubSpot Inc (HUBS) Partner Survey Shows Excitement for 2022

Stifel analyst J. Parker Lane reiterated a Buy rating and $850.00 price target on HubSpot Inc (NYSE: HUBS) after conducting a survey of 25 HubSpot Platinum, Diamond and Elite level partners and finding all but one partnerthat we surveyed expects to see growth in their HubSpot practice over the next twelve months, including more than half expecting 21%-plus growth (a handful >40% y/y).

The analyst stated "Among the 25 partners we surveyed, only one responded that they anticipate a decline in their HubSpot business over the next 12 months. Notably, the share of partners targeting 1-20% and 21-40% growth in their practices was fairly balanced, with three respondents offering expectations of 40%-plus growth. While it would be unfair to suggest that our sample is fully representative of the HubSpot partner channel, we nonetheless believe the results are an encouraging sign that partners feel that there's plenty of gas left in the tank for customer acquisition and add-on expansion activity, even after a banner year for the ecosystem. Additionally, the channel appears to be playing a key role in driving the adoption of the company's more expensive enterprise
plans, with respondents noting that nearly a quarter of their customers are on these plans today. In our view, partners will help assist in the upsell of Enterprise plans to Professional plan customers, which can come as a result of the need for deeper functionality within an existing hub or the adoption of an enterprise version of an adjacent module."

For an analyst ratings summary and ratings history on HubSpot Inc click here. For more ratings news on HubSpot Inc click here.

Shares of HubSpot Inc closed at $462.20 yesterday.

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