On February 3, Piper Sandler lowered Asana’s price target to $14 from $19 while maintaining an Overweight rating. Analysts cited seat-compression constraints and the "vibe coding" narrative as potential ceilings on software multiples and noted continued sector pessimism influencing valuations. Earlier in January, Citi upgraded Asana to Buy with a $16 price target unchanged. The upgrade highlighted the potential of AI Studio to boost sales reacceleration and margin expansion under new management focused on spending efficiency. RBC Capital reduced its target to $11 from $14, maintaining an Underperform rating. The firm acknowledged enterprise AI adoption as a growth driver but raised concerns over the "AI is the death of software" narrative and conservative early-2026 guidance.