Asana (ASAN) faces "continued macro expansion headwinds with management noting increasing risk of a slowdown" after revenue guidance by the software company in fiscal Q1 and the full year trailed estimates by analysts, Oppenheimer said Tuesday in a report.
Muted trends in dollar-based net retention rates, "continued tech vertical challenges," currency headwinds and chief executive officer "uncertainty" weigh on the work-management platform operator, the report said.
"While we're constructive on Asana's long-term opportunity and the emerging AI Studio catalyst, we're stepping to the sidelines until we have better clarity on expansion potential and sustained execution," Oppenheimer said.
Oppenheimer downgraded its rating on Asana's stock to perform from outperform and removed its price target.
Asana's shares fell 23% in recent trading Tuesday.
Price: 12.77, Change: -3.91, Percent Change: -23.44
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