Asana (ASAN) Named Top 2022 Pick at Oppenheimer, PT to $100
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Oppenheimer analyst Ittai Kidron named Asana (NYSE: ASAN) a 2022 Top Pick. The firm, however, trimmed its price target to $100.00 (from $115.00) while maintaining an Outperform rating.
Kidron their positive view reflects their belief that Asana: (1) will continue to successfully move upmarket with larger organizations where there's significant room for expansion; (2) leverage its growing portfolio breadth (especially enhanced enterprise capabilities) to drive deeper cross-department penetration and larger deals; and (3) will deliver strong new customer additions (+25,000 TTM) which combines with improving NRR to provide a foundation for continued revenue upside.
"We're also confident Asana's investing in the right areas for sustainable long-term expansion in a large and
growing TAM," the analyst commented. "Combined with favorable secular trends and a muted competitive environment, we see continued support for a premium multiple."
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