Navan price target lowered to $17 from $25 at Oppenheimer

Oppenheimer analyst Jed Kelly lowered the firm’s price target on Navan (NAVN) to $17 from $25 and keeps an Outperform rating on the shares. The firm notes the company guided 2027 AOI meaningfully above the Street’s estimate, on expanding AI capabilities accelerating client wins. Free cash flow is inflecting positive one-year early. Navan is down 30% year-to-date on AI disruption narrative, unwarranted in Oppenheimer’s view, where suppliers are accelerating adoption into a platform that can synthesize complex technology while providing broad distribution into high-value/engaged user-base.