Asana dips as new Bernstein bear sees ‘rapidly slowing growth’

More than a week after making its market debut through a direct listing, work management platform Asana (NYSE:ASAN) gains a bear at Bernstein.

Analyst Zane Chrane rates Asana at Underperform with a $19 price target (10% downside to the reference price), noting the “rapidly slowing growth” and “limited” advantage in a crowded competitive landscape.

Chrane thinks Asana’s product is “easily replicable.”

Asana shares are down 1.2% to $26.15.

Previously: Asana +35% in direct listing debut (Sep. 30 2020)

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