Asana downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Asana (ASAN) to Underweight from Equal Weight with an unchanged price target of $14. Asana shares are up over 40% since the day after its Q4 earnings versus the SMID-cap software group up 6%, the analyst tells investors in a research note. The firm says that over this period of time, its channel checks and the broader macro backdrop do not support the prospect of improving fundamentals. Partner checks continue to point to intensifying competition with Asana losing share to Monday.com (MNDY) and other private companies in collaborative work management, contends Morgan Stanley. The firm adds that Asana’s leadership uncertainty persists amid a CEO search, “adding risk to execution and strategic continuity.”