Navan price target raised to $22 from $18 at BMO Capital

BMO Capital raised the firm’s price target on Navan (NAVN) to $22 from $18 and keeps an Outperform rating on the shares after attending the company’s user conference and management briefing. The business travel platform continues to invest heavily in AI and is winning clients against legacy incumbents on both product and price, the analyst tells investors in a research note. BMO adds it remains constructive on the near-term backdrop for shares, which have partially recovered from the post-IPO sell-off, expecting solid growth in Gross Booking Volume when the company reports Q1 resuls.