Asana price target lowered to $13 from $16 at Piper Sandler

Piper Sandler analyst Brent Bracelin lowered the firm’s price target on Asana to $13 from $16 and keeps a Neutral rating on the shares. 2023 marks the beginning of a mid-cycle moderation period for the estimated $385B cloud industry, where growth could fall below 20% after a decade of hypergrowth, Bracelin tells investors in a research note. The analyst is "proactively lowering estimates" on 18 stocks on recessionary headwinds but also believes valuations factor in a high-degree of disruption. He calls Adobe his top large-cap idea, MongoDB his top mid cap idea, and Procore (PCOR) his top small cap idea.