HSBC downgraded Asana (ASAN) to Reduce from Hold with a price target of $10, down from $13, following the Q1 report. The earnings print pointed to continued pressures in Asana’s core technology segment and weakness in its enterprise and middle-market segments, the analyst tells investors in a research note. The firm says declining growth, pricing pressure, and sub-100 net revenue retention points to continued “poor performance” and indicates the company’s total addressable market and customer return on invested capital may be more limited than management had previously expected.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ASAN:
- Asana falls -16.7%
- Trump says Fed ‘must now’ lower rates after ADP payrolls report: Morning Buzz
- Asana price target raised to $16.50 from $12 at Scotiabank
- Asana falls -15.6%
- Asana falls -13.5%