Asana price target lowered to $12 from $14 at Piper Sandler

Piper Sandler lowered the firm’s price target on Asana to $12 from $14 and keeps a Neutral rating on the shares. The firm notes the company continues to operate in a challenging environment, underpinned by increased budget scrutiny, longer sales cycles, slipped deals into Q3, and headwinds in the technology vertical. Encouragingly, Q2 saw a record number of multi-year deals, “stabilizing” in-quarter NRR, improvement in certain verticals, and positive feedback on AI teammates, Piper says. However, the CFO transition adds another element of risk with Sonalee Parekh to succeed Tim Wan, adds the firm.