Asana upgraded to Neutral from Underweight at Piper Sandler

Piper Sandler upgraded Asana to Neutral from Underweight with a price target of $16, down from $18. The firm is encouraged by solid execution from Asana during Q1, evident by the $3.9M sales beat with upside driven by small business stability and technology seat expansions. After three years of decelerating trends, the analyst now expects Asana’s growth to finally reach a trough at 9% during Q2. Piper believes most of the negatives are well known and factored into the stock’s current valuation.