HSBC Downgrades Asana (ASAN) to Reduce, 'Macro headwinds to continue'
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HSBC analyst Stephen Bersey downgraded Asana (NYSE: ASAN) from Hold to Reduce with a price target of $18.00.
The analyst comments "We value Asana using a 6.0x PS multiple to our FY25e sales per share estimate of USD3.32 to arrive at our 12-month fair value of USD20.00. We then discount this to the present value using our equity cost of capital estimate of 13.7% (beta: 2.19) to arrive at our current fair value target price of USD18.00 (unchanged). Our target price implies 22.8% downside and we downgrade our rating on the stock to Reduce (from Hold)."
Shares of Asana closed at $23.31 yesterday.
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