HubSpot's Hybrid Monetization, AI Product Suite Could Support Durable Growth, RBC Says

09:29 AM EDT, 09/18/2026 (MT Newswires) -- HubSpot (HUBS) is positioned for durable growth as its hybrid pricing model expands monetization opportunities and adoption of its artificial intelligence products accelerates, RBC Capital Markets said in a client note emailed Friday. At its analyst day Thursday, HubSpot outlined a hybrid pricing model combining seats and credits. The brokerage is confident in the company's ability to record durable growth through hybrid monetization, while its checks showed customers' increasing willingness to adopt AI, analyst Rishi Jaluria wrote in the note. HubSpot's agents are gaining traction, spending remains healthy and customers are proactively seeking AI-driven value in daily operations, RBC said. "Core drivers remain intact and the emerging hybrid pricing model unlocks additional expansion vectors," Jaluria wrote. "The shift toward a headless, AI-first architecture strengthens HubSpot's position as a (go-to-market) harness for scaling businesses." During the Thursday event, HubSpot reiterated its full-year adjusted earnings outlook of $13.23 to $13.31 per share, while the current consensus on FactSet is for $13.29. The company also maintained its adjusted operating margin guidance of 20.7% to 20.8%. RBC has an outperform rating on HubSpot's stock with a price target of $300. On Wednesday, HubSpot said it expanded its collaboration with OpenAI by adding new capabilities to its ChatGPT connector and launching an integration with ChatGPT Ads for small and midsize businesses. Last month, the company reported better-than-expected second-quarter results. Software companies' revenue and earnings beat rates accelerated sequentially in the second quarter, driven by strength in infrastructure, security, and observability, RBC Capital Markets said in a note in August.