Asana price target raised to $30 from $19 at BofA

BofA raised the firm’s price target on Asana (ASAN) to $30 from $19 and keeps a Buy rating on the shares. The firm has argued that Asana’s growth headwinds and margin profile justified a valuation discount to peers, and adds that an in-quarter inflection in net retention ratio, positive estimate revision forecasts, greater focus on efficiency and early positive results form AI Studio now support a premium multiple to similar growth software companies. NRR improved in every cohort in Q3, signaling an end to budgetary and layoff driven seat compression, the analyst tells investors in a research note.