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.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ASAN:
- Asana price target lowered to $16 from $18 at UBS
- Asana price target lowered to $16 from $17 at Citi
- Cautious Outlook on Asana: Sell Rating Amidst Market Challenges and High Valuation
- Asana Reports Strong Q3 Results and AI Innovations
- Closing Bell Movers: Marvell up 11%, reversing initial earnings selloff