Asana price target lowered to $11 from $14 at DA Davidson

DA Davidson analyst Lucky Schreiner assumed coverage of Asana, lowered the firm’s price target on the stcok to $11 from $14 and keeps a Neutral rating on the shares. The company reported a difficult quarter with deals getting pushed and sales cycles elongating, resulting in a reduced outlook for the year, the analyst tells investors in a research note. Asana had detailed several initiatives to address the current sales environment and remains confident on its AI opportunity, but these changes will take time to execute and the potential tailwinds from AI related consumption revenue remain uncertain, the firm added.