Navan initiated with an Overweight at Morgan Stanley

Morgan Stanley initiated coverage of Navan (NAVN) with an Overweight rating and $19 price target Navan – with a modern cloud-based offering targeting the large and fragmented travel market opportunity positions – is positioned well to further capture market share, the analyst tells investors. Navan has proven out “a compelling value proposition” with about 10,000 customers and the firm sees near-term estimates as “conservative” and the current valuation as “undemanding,” the analyst added.