Benzinga | Dec 13, 2021 12:34PM EST

Goldman Sachs Sees Sharp Upside In HubSpot; Initiates Coverage With 'Buy' Rating

* Goldman Sachs analyst Gabriela Borges initiated coverage of HubSpot Inc (NYSE:HUBS) with a Buy rating and $953 price target, implying a 32% upside.

* While HubSpot has outperformed the Nasdaq by 330% over the past two years, its strategy and execution will drive further upside to Street estimates over the next five years, Borges tells investors in a research note.

* The analyst says HubSpot has proven its ability to expand beyond its marketing hub into multiple front-office functions.

* HubSpot provides cloud-based marketing, sales, and customer service software platform called the growth platform. The applications are available ala carte or packaged together.

* In August, the team in charge of Amazon.com Inc (NASDAQ:AMZN) Amazon Web Services marketing software, Pinpoint, reportedly recommended acquiring HubSpot in a $38 billion deal.

* Price Action: HUBS shares traded higher by 0.12% at $724.13 on the last check Monday.