Asana price target lowered to $19 from $22 at JPMorgan

JPMorgan analyst Pinjalim Bora lowered the firm’s price target on Asana to $19 from $22 and keeps an Underweight rating on the shares. The analyst expects a "fine quarter" from Asana but says its billings will likely continue to decelerate on a constant currency basis. Any material improvement in profitability will be a multi-quarter effort, says Bora, who expects the stock to continue to underperform its peers in the meantime given its relatively high cash burn and "sub-optimal" growth plus margin profile.