Navan jumps after BMO initiates coverage with 'outperform' rating

Shares of travel tech firm Navan NAVN.O rise 7.6% to $9.54

BMO initiates NAVN with an "outperform" rating; sets PT of $13, which is at 47.5% upside to the stock's last close

"We think the near-term implications for the Travel and Expense (T&E) market are less than feared and less than what appears to be embedded into the stock at current levels," says BMO

Navan's IPO late last year was followed by a storm of macro-driven risks and uncertainty as investors evaluated the impact of emerging AI technologies on application software businesses, brokerage says

BMO believes Navan can gain share in a market where it still has low penetration of global business travel bookings

Thirteen analysts rate stock "strong buy" or "buy"; their median PT is $25 - data compiled by LSEG

Including session's move, stock down 44% YTD