Navan Inc (NAVN) PT Raised to $20 at Oppenheimer

Oppenheimer analyst Jed Kelly raised the price target on Navan Inc (NASDAQ: NAVN) to $20.00 (from $17.00) while maintaining a Outperform rating.

The analyst commented: "Placing NAVN as top SMID-Cap pick following investor meetings with President, Michael Sindicich and new CFO, Aurélien Nolf. Demand for meetings was solid, suggesting company fundamentals (F4Q:26 GBV +42%) are starting to outweigh sentiment towards an unwarranted AI disruption narrative where NAVN is harnessing the technology to accelerate enterprise wins (new-customer GBV +50%), expanding gross-margins (+1,082bps last two-years), and increasing traveler engagement/personalization (virtual agent 80% CSAT). Stock is up 65% (vs. SP500 +8%) since 3/23’s F4Q:26 earnings after guiding F27E revenue to ~25%-y/y (3x-4x industry-growth) and we see growing enterprise base supporting upward estimate revisions, which is likely not reflected in stock as NAVN is trading at 60% discount to travel peers on EV/GP growth adjusted basis. Increasing PT to $20 ($17, previously), based on 6x CY27E EV/GP."

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