Asana initiated with a Buy at BofA

BofA initiated coverage of Asana with a Buy rating and $25 price target, which represents 39% upside. The firm would look beyond any near-term choppiness in key metrics as it argues that Asana’s go-to-market pivot to enterprises will ultimately succeed and lead to re-accelerating topline growth that beats investor expectations. The firm also thinks investor sentiment and key metrics should turn more positive exiting the first half of this year and that consensus estimates look “beatable.”