HSBC Downgrades Asana (ASAN) to Reduce, 'Macro headwinds to continue'

December 6, 2023 3:31 AM EST
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Price: $17.94 +0.22%

Rating Summary:
    5 Buy, 8 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 20 | Down: 26 | New: 20
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(Updated - December 6, 2023 4:46 AM EST)

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)."

For an analyst ratings summary and ratings history on Asana click here. For more ratings news on Asana click here.

Shares of Asana closed at $23.31 yesterday.

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