Asana price target lowered to $16 from $18 at BofA

BofA analyst Michael Funk lowered the firm’s price target on Asana to $16 from $18 and keeps a Buy rating on the shares. Asana reported Q2 revenue above consensus, but delivered below expectation Q3 revenue guidance, which management attributed to deal slippage, a “hallmark of the quarter in software,” the analyst tells investors. While noting that the company delivered “strong topline results” in Q2, the firm is lowering its FY25 and FY26 revenue estimates to reflect lower guidance, incrementally negative commentary on pipeline conversions, and lingering technology sector headwinds.