Asana upgraded to Sector Perform from Underperform at RBC Capital

RBC Capital analyst Rishi Jaluria upgraded Asana (ASAN) to Sector Perform from Underperform with an unchanged price target of $7 after hosting meetings with management. The company highlighted that its AI Studio has reached $6M in annual recurring revenue with eight customers spending at least $100,000, the analyst tells investors in a research note. In addition, RBC says Asana’s AI Teammates beta launched with 200 customers and is designed as an initial landing point to expand across its full customer base. The firm says the company is seeing “strong feedback” on both products, with AI expected to contribute 15% of new annual recurring revenue this year.