UPDATE: KeyBanc Upgrades Asana (ASAN) to Overweight

KeyBanc analyst Steve Enders upgraded Asana (NYSE: ASAN) from Sector Weight to Overweight with a price target of $40.00.

The analyst comments "We are upgrading shares of ASAN to Overweight with a $40 price target based on 20x FY23 EV/revenue and supported by our DCF analysis. We see Asana as well positioned to execute in the $32B Collaboration market with the 1.7B global seat opportunity <10% penetrated across all vendors as we have increased confidence in recent S&M investments to drive both top of funnel and expansion activity. We are raising our revenue estimates and see an upside bias to billings estimates based on Key First Look CC Data."

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 $33.05 yesterday.

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