HubSpot Inc: More Muted Channel Commentary

研报英文原文证据摘录

HubSpot Inc: More Muted Channel Commentary

Global Research

20 July 2026ab

HubSpot Inc Equities

United StatesMore Muted Channel Commentary

Software

12-month rating Buy *

Partner Checks Ahead of 2QF26 Earnings

Our partner checks carried a more measured tone this quarter. While AI adoption 12m price target US$250.00

continues to build and upmarket momentum remains a source of strength, these are

being offset by a challenging apps spending environment and still-early AI monetization,

Price (17 Jul 2026) US$224.26

which has pressured partners' ability to hit growth targets. As a result, we believe the

potential upside to 2QF26 estimates may be more limited, and think HUBS could RIC: HUBS.N BBG: HUBS US

reiterate its ~17% C/C FY26 revs outlook. Accordingly, we’re tactically taking a more

Trading data and key metrics

measured near-term view into the print, as a 2H acceleration looks increasingly

52-wk range US$560.90-170.28

challenging and we believe growth is likely to be more consistent at best. Though, at

~11x CY27 EV/FCF, we maintain our Buy rating, as we view the current headwinds as Market cap. US$11.8b

largely reflective of broader seat-based apps software trends rather than HUBS-specific, Shares o/s 52.7m (COM)

with some of the uncertainty reflected in investor sentiment. Free float 94%

Avg. daily volume ('000) 466

Our Key Takes Avg. daily value (m) US$95.3

AI Adoption & Monetization: Adoption of HUBS' AI agents continues to Common s/h equity (12/26E) US$2.27b

improve gradually, with more pilots moving into production and Customer Agent P/BV (12/26E) 5.1x

and Prospecting Agent remaining the most widely deployed offerings. Partner Net debt to EBITDA (12/26E) NM

feedback suggests that 20-25% of Pro/Enterprise customers (~50% of HUBS' total

EPS (UBS, diluted) (USD)