11:46 AM EDT, 08/08/2024 (MT Newswires) -- HubSpot ( HUBS ) showed strong Q2 performance amid tough macro conditions and early positive impacts from the new pricing model boosting confidence in execution, Morgan Stanley said in a note Thursday.

Q2 revenue and billings showed robust performance, with IT vendor consolidation driving multi-hub deals and stabilization in net revenue retention rates, the investment firm said.

HubSpot ( HUBS ) expects net customer additions to moderate in the second half of the year due to the renewal of large customer cohorts from the previous year, Morgan Stanley said.

Morgan Stanley cut the price target for HubSpot ( HUBS ) to $638 from $674 while retaining its overweight rating.

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