HubSpot (HUBS) providing clear execution milestones and a "credible" reacceleration framework at its Sept. 21 investor day could serve as a positive catalyst, RBC Capital Markets said in a note Thursday.

Analysts said they will focus on progress in the company's agent-first go-to-market transformation and path to a fully optimized structure, looking specifically for milestones indicating stronger sales execution, better customer buying sentiment, and updated execution timelines.

The firm is also looking to focus on trends in net new annual recurring revenue, which the company now expects to be below revenue growth in constant currency for full-year 2026. Specifically, analysts said they want to know management's perspective on the mismatch between prior improvements in net new annual recurring revenue and incremental revenue growth, as well as the growth levers needed to drive overall reacceleration.

The firm will also look for sustained adoption trends across HubSpot's AI agents, as well as new product announcements and AI-native partnerships. Analysts said they want more details on AI monetization and forward expectations.

RBC maintained its outperform rating and $300 price target on the stock.

HubSpot shares were up 1.2% in Friday trading.

Price: 226.20, Change: +2.64, Percent Change: +1.18