Morgan Stanley analyst Josh Baer raised the firm’s price target on Smartsheet (SMAR) to $56 from $54 and keeps an Overweight rating on the shares following the company’s Q3 report. Baer contends that "it is hard not to compare" Smartsheet and Asana (ASAN) 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. Smartsheet demonstrated "more durable than feared" demand in Q3 and is inflecting to positive free cash flow, said Baer, who identifies Smartsheet as his "Top Pick."
Published first on TheFly
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