Navan initiated with an Outperform at Oppenheimer

Oppenheimer analyst Jed Kelly initiated coverage of Navan (NAVN) with an Outperform rating and $25 price target The firm sees see the post-IPO pullback creating an attractive entry point on Navan’s much-faster-than-industry growth, combined with gross margin expansion, proving to investors its disruptive value proposition in corporate travel while also being an AI beneficiary. The travel ecosystem is underpinned by fragmented/legacy technologies, and Oppenheimer expects suppliers to accelerate adoption of Navan on providing broad distribution into a high-value/engaged user base at scale while also subsidizing large customer service costs, therefore insulating AI disruption risk.