Navan price target lowered to $20 from $25 at Jefferies

Jefferies lowered the firm’s price target on Navan (NAVN) to $20 from $25 and keeps a Buy rating on the shares. Management commentary on enterprise traction was “encouraging” and fiscal Q4 guidance beat consensus while leaving “ample room for upside,” the analyst tells investors. In a vacuum, the fundamentals would likely have driven “a relief rally for the beleaguered stock,” but the surprising CFO departure will likely hurt investor confidence in the near-term, the analyst added.