Asana (ASAN) is likely to continue facing challenges in this fiscal year due to no "clear stabilization" in demand trends, as the management also took into account macro effects because of tariffs in its fiscal 2026 guidance, Morgan Stanley said in a Wednesday note.
The company lowered its fiscal 2026 revenue outlook to be between $775 million to $790 million from its previous range of $782 million to $790 million, which reflects a "weaker" macro in the low-end of the range, the note added.
The quarter-over-quarter growth in new customers is "more concerning" as Asana reported only two additional net new >$100K annual contract value customers in fiscal Q1, compared with the linked quarter, the note said.
"Q4 to Q1 typically sees low sequential growth, but this will be a key area to monitor given the NRR's below 100%," according to the note.
Morgan Stanley trimmed Asana's price target to $13 from $14 and maintained an underweight rating on the stock.
Shares of the company were down 17% in recent Wednesday trading.
Price: 15.71, Change: -3.26, Percent Change: -17.17
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