Asana price target lowered to $19 from $26 at Morgan Stanley

Morgan Stanley analyst Josh Baer lowered the firm’s price target on Asana (ASAN) to $19 from $26 and keeps an Equal Weight rating on the shares as he now looks for 16% and 26% year-over-year billings growth and 18% and 27% revenue growth in FY24 and FY25, respectively. Baer contends that "it is hard not to compare" Smartsheet (SMAR) and Asana results given they both address the Collaborative Work Management market and in that context he said that their Q3 results support his preference for Smartsheet over Asana.