KeyBanc Initiates Coverage On, Smartsheet, Asana In Work Management Software Category

  • KeyBanc analyst Jason Celino initiated coverage of Ltd MNDY with an Overweight rating and a $135 price target.
  • He believes is best positioned to sustain 30%-plus growth for at least the next two years among its work management peers.
  • He believes the company's modular Work OS platform strategy provides go-to-market and competitive differentiation. 
  • The price target reflected a premium in line with other 30%+ growth SaaS.  
  • Celino initiated coverage of Smartsheet Inc SMAR with an Overweight rating and a $46 price target
  • He believes Smartsheet is ready to be a leading player in the work management software category.
  • With one of the more apparent paths to profitability among work management peers, he saw an underappreciated high growth + margin improvement story. 
  • Celino initiated coverage of Asana, Inc ASAN with a Sector Weight rating
  • CEO Dustin Moskovitz has potentially set Asana on an ambitious path to winning the work management software category. 
  • With its disruptive platform strategy, momentum at the enterprise, and several mentions of wall-to-wall customer deployments, he believes Asana is executing well. 
  • Despite the market pullback and valuation, he saw a balanced risk-reward.
  • Price Action: MNDY shares traded higher by 1.08% at $95.07 on the last check Thursday.
  • Photo Via Company
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