Asana price target raised to $20 from $15 at Baird

Baird analyst Rob Oliver raised the firm’s price target on Asana to $20 from $15 and keeps a Neutral rating on the shares. The analyst said the company continues to see Enterprise traction and despite ongoing macro pressures, they saw an increase in multi-year commitments and benefitted from vendor consolidation. We think the stock will react positively given its meaningful improvement in profitability, the CEO’s 30M share repurchase plan, and its high short interest.