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UPDATE: JPMorgan Downgrades Asana (ASAN) to Underweight

March 10, 2022 4:03 AM EST
Get Alerts ASAN Hot Sheet
Price: $18.46 -2.02%

Rating Summary:
    7 Buy, 6 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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(Updated - March 10, 2022 4:28 AM EST)

JPMorgan analyst Mark Murphy downgraded Asana (NYSE: ASAN) from Neutral to Underweight with a price target of $32.00 (from $66.00).

The analyst comments "Asana is a leader in collaborative work management applications, elevating individuals, teams, and entire organizations to a higher level of productivity by solving workplace coordination challenges. Users can rely on Asana as the single source of truth while collaborating with internal or external groups. It operates in a large TAM, with estimates for the collaborative applications market and project and portfolio management market at $23B in 2020, reaching $32B in 2023. We believe Asana’s product differentiation will sustain it as a category leader. Our Dec-22 price target of $32 is based on ~12.5x EV/CY22E revenue."

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 $48.81 yesterday.


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