Goldman Sachs lowered the firm’s price target on Navan (NAVN) to $22 from $30 and keeps a Buy rating on the shares. Software M&A activity is expected to accelerate in 2026, driven by compressed public valuations and the structural advantages of software businesses, including distribution, domain expertise, data moats, and brand equity, the analyst tells investors in a research note This could enable value creation through cross-portfolio synergies, acquisitions of top private-market technologies, and leveraging SaaS incumbents at more attractive multiples, the firm says.
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