Piper Sandler Upgrades Asana On Positive Trends For Workplace Software

Asana Inc ASAN could become an “indirect beneficiary” of accelerating digital growth, given its integration with several third-party products that support remote work, according to Piper Sandler.

The Asana Analyst: Brent Bracelin upgraded Asana from Neutral to Overweight and raised the price target from $25 to $33.

The Asana Thesis: Last month, Asana unveiled new and expanded integrations with Slack Technologies Inc WORK, which has agreed to be acquired by Salesforce.com, inc. CRM; Microsoft Corporation’s MSFT Teams; Zoom Video Communications Inc’s ZM video conferencing software; and Atlassian Corporation PLC’s TEAM Jira Service Desk, Bracelin said in the upgrade note.

The integrations reinforce Asana’s “unique role as a digital work orchestration layer that is agnostic to the underlying messaging and video platforms,” the analyst said. 

Asana appears to be positioned as “an indirect beneficiary helping orchestrate digital work for all of the major collaboration platforms,” he said. 

“We recommend growth investors swap a portion of the WORK gains into ASAN based on a favorable risk-reward.” 

ASAN Price Target: Shares of Asana were down 2.06% at $26.56 at last check Wednesday. 

Photo courtesy of Asana.