Needham starts Navan at Buy, sees durable and rapid growth

Needham analyst Scott Berg initiated coverage of Navan (NAVN) with a Buy rating and $25 price target Navan has a best-in-class travel management platform in a large total addressable market dominated by legacy vendors with significant greenfield opportunity, the analyst tells investors in a research note. Navan’s deep technology expertise and AI leadership supports broader, more personalized inventory while creating a financial moat against competitors primarily using human agents, and the company is set up for durable, rapid growth, the firm added.