Asana price target lowered to $14 from $17 at BofA

BofA lowered the firm’s price target on Asana (ASAN) to $14 from $17 and keeps a Buy rating on the shares. While “encouraged” by continued progress on NRR and constructive commentary on gross retention trends, the firm does not view Q4 results and initial FY27 revenue guidance as “incrementally positive enough to represent the positive catalyst bulls were looking for,” the analyst tells investors in a post-earnings note. In addition to rolling forward its multiple, the firm is adjusting for slightly lower estimates and peer multiple compression.