Asana price target lowered to $21 from $28 at JMP Securities

JMP Securities analyst Patrick Walravens lowered the firm’s price target on Asana to $21 from $28 but keeps an Outperform rating on the shares after hosting a Q&A with its CFO Tim Wan at an investor event. The stock has fallen 81% over the past 12 months, but the tone of business at the company remains "encouraging", Walravens tells investors in a research note, noting that Mr. Wan has indicated that "conversations with large customers are going well." Walravens further cites commentary suggesting that investors should look for "measurable progress next year" in both free cash flow and operating margins.