Asana upgraded to Hold from Reduce at HSBC

HSBC upgraded Asana to Hold from Reduce with a price target of $14, down from $16. The analyst says “all the bad news is already priced in the stock” at current valuation levels. The firm expects Asana to become free cash flow positive in fiscal 2025 and begin to show “material profits” from fiscal 2028 onwards.” While Asana expressed confidence that it is well positioned to benefit from rising adoption of artificial intelligence, other domains such as cloud infrastructure and customer relationship management are likely to be the first to benefit from the AI revolution, the analyst tells investors in a research note.