BofA lowered the firm’s price target on Asana (ASAN) to $19 from $21 and keeps a Buy rating on the shares. The firm sees “a lot to like” in the company’s “strong” Q2 results, but is lowering its target to reflect incremental self-serve risks and peer multiple compression, the analyst tells investors in a post-earnings note. A premium to the comparable growth software group is warranted by Asana’s multiple levers for long-term growth and margin expansion, the analyst argues.
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