Piper Sandler downgraded Asana to Neutral from Overweight with a price target of $7, down from $9. The firm says 2026 "has been rough for enterprise software." As the frontier model providers "move up the stack" and compete with incumbents for IT budgets, investors are reassessing terminal multiples, the analyst tells investors in a research note. Piper lowered multiples in the group ahead of Q1 earnings and downgraded three names. Asana "is arguably in a no man's land of growth/profitability," the firm contends.
