Oppenheimer raises target price to $28 from $20

Oppenheimer has raised its price target for Navan Inc. (NASDAQ: NAVN) to $28 from $20, while maintaining an "Outperform" rating, citing strong AI-driven growth and improved market positioning ahead of first-quarter fiscal 2027 earnings. The firm anticipates Navan will exceed current Street forecasts, with bookings and revenue expected to grow by 36% and 30%, respectively, year-over-year. Navan’s shares have surged 225% above the S&P 500 since its March 25 earnings report and are near their IPO price.

The $28 price target is based on 8.5 times estimated 2027 gross profit, a 38% discount to travel sector peers and 29% to software peers on a growth-adjusted basis. Analysts highlight Navan’s rapid expansion—three to four times faster than the corporate travel industry—and its growing traction in the $86 billion total addressable market. Other firms, including TD Cowen and BMO Capital, have also raised their price targets for Navan, reflecting a broader positive sentiment around the company’s AI integration and client acquisition momentum.