- RBC Capital analyst Rishi Jaluria downgrades Asana, Inc (NYSE:ASAN) to Underperform from Sector Perform with a price target of $13 (23% downside), down from $21.
- Jaluria views Asana’s software as discretionary and, therefore, recession-prone.
- He determines that project management is not a large TAM. He thinks the market is intensely competitive, with multiple pure-plays and several solutions that were part of broader software platforms.
- Asana faces competition from more prominent vendors that have acquired into the space, including Adobe Inc (NASDAQ:ADBE) (Workfront), Citrix Systems, Inc (NASDAQ:CTXS) (Wrike), and, most notably, Atlassian Corp Plc (NASDAQ:TEAM) (Trello).
- He views Asana’s cash burn as problematic and the timeline to profitability as unclear.
- He notes Asana’s huge dependence on advertising, which is 30%+ of total sales and marketing spend.
- Price Action: ASAN shares traded lower by 3.93% at $16.88 on the last check Tuesday.
Baytex Announces 2024 Budget And 5-Year Outlook With Continued Focus On Free Cash Flow Generation And Shareholder Returns; 2024 Exploration And Development Expenditures Of $1.2B-$1.3B Designed To Generate Average Annual Production Of 150K-156K Barrels/…
Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) announces that its Board of Directors has approved a budget for 2024 exploration and development expenditures of $1.2 to $1.3 billion, which is designed to generate
