Asana Stock (ASAN): $100 Price Target From Piper Sandler

By Amit Chowdhry ● Jan 14, 2022
  • The shares of Asana Inc (NYSE: ASAN) have received a $100 price target from Piper Sandler. These are the details.

The shares of Asana Inc (NYSE: ASAN) have received a $100 price target from Piper Sandler. And Piper Sandler analyst Brent Bracelin is maintaining an “Overweight” rating on the company shares while reducing the price target from $140.

Bracelin noted that cloud stocks have plunged by 26% since November 1 on a valuation reset sparked by a rotation, rising interest rates, supply-chain disruptions, and omicron. Plus Bracelin pointed out that the cloud correction appears decoupled from demand fundamentals that remain robust.

Bracelin pointed out that Piper’s CIO Survey showed 86%-88% are planning to invest more in cloud applications and infrastructure in 2022. And few technology sectors are this large at the $290+ billion growing at 35% year-over-year and cloud penetration still low at 15%.

Going forward, Bracelin recommends large-cap investors move up the quality ladder and buy the highest quality growth stocks best poised to sustain high growth.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.