Asana price target lowered to $18 from $20 at DA Davidson

DA Davidson analyst Robert Simmons lowered the firm’s price target on Asana to $18 from $20 and keeps a Neutral rating on the shares. The company posted its smallest revenue beat in the past nine quarters and also provided commentary suggesting that FY24 growth estimates may have been too high, the analyst tells investors in a research note. While Asana is making progress on its margin goals, sustained profitability remains a "ways off", Simmons adds.