UPDATE: Oppenheimer Starts HubSpot Inc (HUBS) at Outperform
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Oppenheimer analyst Ken Wong initiates coverage on HubSpot Inc (NYSE: HUBS) with a Outperform rating and a price target of $350.00.
The analyst comments "We are initiating coverage of HubSpot (HUBS) with an Outperform rating and a $350 price target. We see HubSpot's emergence as a true CRM platform opening up multiple vectors to sustain growth, while also insulating fundamentals from macro headwinds (relative to point solutions). With recession winds swirling, we are seeing the financial performance of platforms fare better than many standalone offerings. History suggests platform vendors will take share and scale through softer markets. Not surprisingly, we have also seen investors prioritize profits over growth. We believe HubSpot represents an optimal combination of platform investments with operational excellence (high-single-digit operating margins)."
Shares of HubSpot Inc closed at $290.96 yesterday.
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