Asana price target lowered to $21 from $23 at BofA

BofA lowered the firm’s price target on Asana (ASAN) to $21 from $23 and keeps a Buy rating on the shares after the company reported “solid” Q1 results, but management lowered the midpoint of revenue guidance by 0.4% to reflect incremental macro softness in the Enterprise segment. The firm, which revised estimates to reflect results and guidance, says profitability progress was “impressive and ahead of Street expectations, supporting the accelerating margin expansion bull case.”