Piper Sandler analyst Brent Bracelin raised the firm’s price target on Asana (ASAN) to $19 from $17 and keeps an Overweight rating on the shares. Incremental conservatism baked into the updated 7%-9% full-year top-line guide drove an 8% after-hours selloff as management noted early signs of increased deal scrutiny and downgrade activity, the firm says. While Piper plans to watch for further signs of erosion, there were a few bright spots during the quarter, including solid progress in key verticals, early but increasing adoption plus monetization proof points for AI Studio that will likely benefit from the release of new tiers and functionality, and solid margin upside and guidance paving the path for continued operating leverage.
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Read More on ASAN:
- Asana’s Strategic Growth Amid Macroeconomic Challenges: Buy Rating Affirmed by Michael Funk
- Asana’s Challenging Financial Outlook: Sell Rating Amid Revenue Downgrade and Market Uncertainties
- Asana price target raised to $17 from $15 at Jefferies
- Asana Reports Strong Q1 Results and AI Growth
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