Oppenheimer has raised its price target for Navan to $35 from $30 while maintaining an Outperform rating, citing the company’s expanding use of artificial intelligence and sustained travel-sector momentum.
The stock was trading at $29.33 on Thursday, just below its 52-week high of $29.99. TD Cowen separately lifted its target to $34 with a Buy rating. Navan’s shares have surged 201% over the past six months, outpacing broader market gains.
Analysts project Navan’s fiscal 2027 bookings at $2.86 billion, a 37% year-over-year increase, alongside revenue of $220.5 million, up 28%. The company’s growth rate is estimated at three to four times the industry average. Gross margins are expected to expand by roughly 300 basis points to 72%, supported by operational efficiency and platform adoption.
The $35 target implies a valuation of 10 times calendar 2027 estimated gross profit, trading at a 33% and 30% discount to travel and software peers on a growth-adjusted and absolute basis, respectively.
Navan’s recent partnerships underscore its expansion. The company integrated directly into Hilton’s central reservation system, marking the first travel management firm to achieve such a partnership and aiming to improve merchandising and conversion rates. Navan also secured a corporate travel program contract with Enbridge to optimize spending and processes, and Viessmann Generations Group adopted its platform to consolidate fragmented travel and expense tools.
The company’s AI strategy includes the Model Context Protocol, which connects its platform with external AI tools for data analysis, and the Navan Edge product. Approximately 30% of Navan’s technology stack relies on proprietary models.
Navan is scheduled to report second-quarter fiscal 2027 earnings on September 9.
