UPDATE: JPMorgan Downgrades Asana (ASAN) to Underweight
- Nasdaq ends down as investors eye Black Friday sales, China infections
- Apple (AAPL) could see a $6B hole in FQ1 iPhone revenue due to Foxconn troubles - analyst
- Activision Blizzard (ATVI) slips on report FTC likely to oppose $69B Microsoft (MSFT) deal
- Manchester United (MANU) shares jump again on Saudi interest
- Bitcoin (BTC) price struggles to rebound as Binance launches $1 billion recovery fund
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."
Shares of Asana closed at $48.81 yesterday.
You May Also Be Interested In
- Bharat Electronics Ltd (BHE:IN) PT Raised to INR120 at BofA Securities
- Weichai Power (2338:HK) (WEICY) PT Raised to HK$14.80 at JPMorgan
- Harvey Norman Holdings Limited (HVN:AU) (HNORY) PT Lowered to AUD5.76 at Credit Suisse
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Comments, Hot Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!