Asana price target lowered to $17 from $19 at BofA

BofA analyst Michael Funk lowered the firm’s price target on Asana (ASAN) to $17 from $19 and keeps a Buy rating on the shares. Asana reported strong Q3 results with in-quarter net revenue retention improving across all customer cohorts and results were better than expected following softer recent reports from competitors, the analyst tells investors. However, while “encouraged” by Q3 results and raising the firm’s revenue estimates, BofA is lowering its price target to reflect peer multiple compression, the analyst tells investors.