Needham raised the firm's price target on Navan to $30 from $25 and keeps a Buy rating on the shares after its strong Q1 results that saw revenue growth accelerate again to 39.9%. Revenue growth on a y/y basis has now expanded over 1,000 basis points in the last two quarters, driven by strong corporate travel demand, success with large enterprises, and a surge in PLG bookings, the analyst tells investors in a research note, adding the firm is increasingly confident in Navan's path to an 80% or more in gross margins in the next 2-3 years.
