Navan initiated with a Buy at BTIG

BTIG analyst Jake Fuller initiated coverage of Navan (NAVN) with a Buy rating and $26 price target The company is a disruptor in the $1T corporate travel space and is growing at about 5-times the industry’s rate with its next-gen technology, the analyst tells investors in a research note. At 4-times expected 2026 revenue – a discount to software comps at 8-times, Navan shares are attractive on growth-adjusted basis, the firm added.