巴克莱将 HubSpot 与 monday.com 下调至 Equal-Weight，称 AI 变现节奏晚于预期

HubSpot ( HUBS ) and monday.com ( MNDY ) were downgraded to Equal-Weight by Barclays on Monday as the firm sees the benefits from artificial intelligence coming later than anticipated. Shares of both enterprise software companies were little changed in premarket trading. “For HUBS, we still see seats and credits as a meaningful incremental monetization lever, but the benefit looks more like a 2H27 story, as net new ARR growth is expected to run below constant-currency revenue growth in FY26, NRR is expected to remain roughly flat, and April's GTM disruption is likely to pressure pipeline through 2H26,” Barclays analyst Raimo Lenschow wrote in a note to clients. “Customer caution (highlighted at its 2Q earnings and 2026 Investor Day) is also extending sales cycles, with our checks pointing to deal cycles of around five months versus four to six weeks previously as AI spend often requires incremental budget scrutiny.” For monday.com Lenschow said AI is “scaling quickly,” as it's now 17% of net new annual recurring revenue, but it's roughly 1% of total ARR and not large enough to slow the deceleration in its core business. “MNDY's historical expansion engine has also weakened, with NDR heading toward roughly 108% and tier upgrades and multi-product cross-sell below expectations, leaving enterprise to carry the story as SMB remains soft. MNDY is also managing some execution risk as it repositions around AI, changes pricing, moves GTM upmarket, and reduces headcount by roughly 20%,” Lenschow explained. “For both names, the debate is now about timing rather than direction, and we need evidence that AI adoption can translate into sustained revenue acceleration before turning more positive.”