Asana (ASAN) PT Raised to $140 at Piper Sandler Ahead of Earnings on Better Than Expected 3rd Party Indicators

(Updated - November 18, 2021 9:17 AM EST)

Piper Sandler analyst Brent Bracelin raised the price target on Asana (NYSE: ASAN) to $140.00 (from $85.00) after multiple third party data inputs: domain traffic, job postings, and application downloads appear strong enough to signal an upward bias to the current Street estimates of 59% growth for Q3 and 33% growth next year.

The analyst reiterated an Overweight rating, stating "While the risk-reward is less favorable after the 345% YTD run, ASAN remains a compelling high margin (89% gross margin) and high growth model that is still in the nascent stages of adoption with fewer than 2 million paid users (vs. Microsoft O365 at 310 million). We are raising estimates and PT to $140 based on a CY27E EV/FCF multiple of 48x (vs. 45x CY26E), discounted back four years at 12%."

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