Asana price target lowered to $13 from $17 at UBS

UBS lowered the firm’s price target on Asana to $13 from $17 and keeps a Neutral rating on the shares. Asana’s Q2 print fell short of expectations, with the company attributing the softness to deal delays, but reiterated expectations for a Q4 growth acceleration due to the closing of most delayed deals, DBNR stabilization and lapping of bigger renewal downgrades, the analyst tells investors in a research note. The firm’s checks have flagged license rationalization efforts as a potential hurdle to SaaS spend growth this year.