Asana (ASAN) PT Lowered to $17 at Citi

Citi analyst Steven Enders lowered the price target on Asana (NYSE: ASAN) to $17.00 (from $20.00) while maintaining a Neutral rating.

The analyst comments "ASAN reported muted in-quarter upside and a below cons rev guide, down to 9-10% y/y cc for FY26 vs. 11% cons as tech vertical headwinds continued to pressure expansion rates, including further downsell activity. Positively, margin is ramping rapidly (FY26 OM +11pts y/y), forward-looking metrics were solid, and AI Studio early access feedback was encouraging (goes GA in 1Q). Still, the execution picture has become increasingly murky with a CEO transition announced, evolution in pricing, and a re-allocation of GTM resources (incl recent RIF), leaving us cautious despite what appears to be a conservative guide and more attractive valuation at 3.5x EV/rev after hours."

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