Why Did Navan Stock (NAVN) Soar Today?

Navan (NAVN) stock surged on Thursday as analysts updated their coverage of the AI-powered travel software platform operator following its most recent earnings report. While analysts’ coverage remained largely bullish, price targets ranged from increases to cuts.

Let’s dig into the latest analyst updates for NAVN stock below:

• Oppenheimer analyst Jed Kelly kept a Buy rating but reduced his price target to $17 from $25, representing a potential 49.25% upside.
• BMO Capital analyst Daniel Jester reiterated a Buy rating and boosted his price target to $15 from $13, suggesting a 31.69% upside.
• Jefferies analyst Samad Samana maintained a Buy rating but lowered his price target to $18 from $20, implying a 58.03% upside.
• Citi analyst Steve Enders kept a Buy rating but dropped his price target to $21 from $26, representing an 84.37% upside.

Kelly’s price target cut for NAVN stock comes despite strong results in Navan’s latest earnings report. The analysts also said that the stock’s year-to-date fall of roughly 30% is unwarranted.

Navan Earnings and Stock Movements Today

The updated analyst coverage of Navan stock followed a strong earnings report from the company. Earnings per share of 2 cents was a surprise profit compared to Wall Street’s estimate of -22 cents. The company’s revenue of $177.92 million also managed to surpass analysts’ estimate of $162.23 million.

Navan stock was up 26.34% on Thursday but was still down 30.85% year-to-date. The stock has also decreased 54.25% over the past 12 months.

Is Navan Stock a Buy, Sell, or Hold?

Turning to Wall Street, the analysts’ consensus rating for Navan is Strong Buy, based on seven Buy and one Sell rating over the past three months. With that comes an average NAVN stock price target of $19.71, representing a potential 70.69% upside for the shares.