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)