Asana price target lowered to $18 from $22 at BofA

BofA lowered the firm’s price target on Asana to $18 from $22 and keeps a Buy rating on the shares after the company announced the authorization of a $150M share repurchase program and reaffirmed previously issued guidance. Asana will repurchase up to $150M in shares through June 30, 2025, which should provide incremental valuation support. The company’s reiteration of guidance is also an incrementally positive data point, particularly given the more challenging software demand environment, BofA says.