Oppenheimer analyst Jed Kelly raised the firm’s price target on Navan (NAVN) to $20 from $17 and keeps an Outperform rating on the shares. The firm is placing Navan as top SMID-Cap pick following investor meetings with President, Michael Sindicich and new CFO, Aurelien Nolf. Demand for meetings was solid, suggesting company fundamentals are starting to outweigh sentiment towards an unwarranted AI disruption narrative where Navan is harnessing the technology to accelerate enterprise wins, expanding gross-margins, and increasing traveler engagement/personalization, adds Oppenheimer.
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