Morgan Stanley analyst Josh Baer lowered the firm’s price target on Asana (ASAN) to $13 from $14 and keeps an Underweight rating on the shares. A large deal was pushed into Q2 from Q1, driving billings down, but if one makes the adjustment and assumes the deal closed in Q1, billings would have grown only about 5%, which is still below consensus and recent/historical trends, the analyst tells investors. Asana AI is “interesting, but too early-days to move the needle” and net retention rates likely remain in the mid-90’s at least for the next three quarters, which “creates a tough path for growth through FY26 and into FY27,” the analyst added.
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Read More on ASAN:
- Asana price target lowered to $21 from $23 at BofA
- Asana price target raised to $14 from $13 at JPMorgan
- Asana price target raised to $19 from $17 at Piper Sandler
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- Asana’s Challenging Financial Outlook: Sell Rating Amid Revenue Downgrade and Market Uncertainties
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