Jefferies raised the firm’s price target on Asana (ASAN) to $17 from $15 and keeps a Hold rating on the shares. While the company’s Q1 beat the high-end of guidance and it signed a record $100M three-year deal, the renewal was at a lower annual contract value after slipping past Q1, the analyst tells investors in a research note. The firm says Asana also started seeing longer sales cycles with higher scrutiny. The low end of the company’s fiscal 2026 revenue guide was lowered by $7M to embed risk of further macro deterioration, contends Jefferies.
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Read More on ASAN:
- Asana Reports Strong Q1 Results and AI Growth
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- Asana says Q1 NRR was stable for 3rd consecutive quarter, to be pressured in Q2
- Asana reverses initial post-earnings spike, falls 5% to $18.10
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