RBC Capital raised the firm’s price target on Asana (ASAN) to $14 from $12 but keeps an Underperform rating on the shares. The company delivered solid Q3 results above consensus, highlighted by Core and $100K+ customer net retention rate both improving 1-point from Q2, respectively, along with 1,200 basis points of y/y EBIT margin expansion, the analyst tells investors in a research note. RBC adds however that Asana management noted continued top-of-funnel headwinds due to AI search and SEO/search traffic trends.
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