Street View: Brokerages initiate coverage with 'buy' rating on travel tech firm Navan
Shares of travel tech firm Navan NAVN.O rise 4% to $15.56 in premarket trading
At least five brokerages initiate coverage on Monday
NAVN made its market debut in late October during the U.S. government shutdown
A NEW DISRUPTOR IN TOWN
Needham ("buy," PT: $25) expects rapid and durable growth for Navan and views it as a disruptor in a market dominated by legacy players
Oppenheimer ("outperform," PT: $25) says NAVN is undervalued as compared to peers but remains a high-growth disruptor in corporate travel and benefits from having AI automation and supplier scale
Mizuho ("outperform," PT: $25)says NAVN's has unique advantages with inventory and AI as a scalable business model that can generate strong profits and notes the market hasn’t fully priced in this growth story yet, so the stock looks undervalued
Rosenblatt ("buy," PT: $30) says it expects the company to grow rapidly in the medium-term and expand its operating margins as it scales its customer base, broadens product penetration, and leverages artificial intelligence
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