HUBSPOT (=) : Off to the sidelines:1Q didn’t hit the spot

研报英文原文证据摘录

HUBSPOT (=) : Off to the sidelines:1Q didn’t hit the spot

EQUITIES

SOFTWARE

HUBSPOT PRICE*NEUTRALUSD197.3  TARGETFROMOUTPERFORMPRICE USD210 (UPSIDE 6%) TARGET -48%PRICE EPS42%26e EPS28%27e

Off to the sidelines:1Q didn’t hit the spot

Market expectations going into 2026 were based on consistent beat/raise to estimates and ending11 MAY 2026

Securities Research Report with faster top-line growth this year but 1Q results have now cast uncertainty on that assumption,

Production time: 11:14* (London time)

and given the negative environment in application software, we see few catalysts that will drive

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shares higher. Management’s move to outcome-based pricing is smart but admittedly is slowing

Andrew DeGasperi sales cycles and could intensify competition for new customers in the near term. As such, weBNP Paribas Securities Corp1

(+1) 917 472 4745 downgrade HUBS to Neutral from Outperform, take NT estimates up partly on FX (but down in FY28)

andrew.degasperi@us.bnpparibas.com and TP lower to $210 based on ~2x CY27e sales (was $400, based on 5x CY27e sales) to reflect a

Ari Friedman lower probability of further beat/raise and peer multiple de-rating.

BNP Paribas Securities Corp1

(+1) 917 286 8860 Buy-side was confident that management’s outlook would improve throughout the year

ari.friedman@us.bnpparibas.com We previously highlighted that in a market where application software was under the microscope for

Jack Pearson signs of AI disruption, HubSpot had to deliver robust growth this year. The signs were there: 1) Sales

BNP Paribas Securities Corp1 reps hiring accelerated from April of 2025; 2) price increases on 50% of its customer base; 3) easier