Asana downgraded to Neutral at Baird after mixed Q3 report

As previously reported, Baird analyst Rob Oliver downgraded Asana to Neutral from Outperform with a price target of $15, down from $32. The company reported a mixed Q3, with its results and outlook impacted by a pause in expansion and deal activity, some downsizing on renewals, and extended payment terms and discounting, Oliver noted. While he continues to view Asana as "a secular leader in the Work Management space," expects the stock performance to be challenged in the coming quarters as investors assess the impact of the macro environment and reduced chance for upward estimate revisions.