Asana initiated with a Neutral at BTIG

BTIG analyst Allan Verkhovski initiated coverage of Asana (ASAN) with a Neutral rating. The company believes it is at or near the floor following two consecutive quarters of in-quarter net retention rate improving, particularly in its $100k+ customer cohort, which increased to 97% in Q3 vs. 96% in Q2 on a reported trailing-12-month basis, the analyst tells investors in a research note. The firm adds however that while it likes the financial setup into next year, without a material acceleration in growth rates, it is looking for more significant margin expansion from the company.