Navan Debuts at $22, IPO Set at $25.00 per Share

Written by Emily J. Thompson, Senior Investment Analyst

NAVN+0.13%

Updated: Oct 30 2025

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IPO Details: Navan has priced its initial public offering at $25.00 per share for a total of 36.9 million shares.
Underwriters: Goldman Sachs and Citigroup are serving as the lead book-running managers for the offering.
Company Overview: Navan operates an expense management platform designed for travelers, offering services from flight and hotel bookings to automated expense reconciliation.
User Experience: The platform aims to provide an intuitive experience for travelers while also meeting the needs of finance teams with 24/7 support.

NAVN

$15+Infinity%1D

Analyst Views on NAVN

Wall Street analysts forecast NAVN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NAVN is 23.64 USD with a low forecast of 13.99 USD and a high forecast of 30.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

11 Analyst Rating

11 Buy

0 Hold

0 Sell

Strong Buy

Current: 14.980

Low

13.99

Averages

23.64

High

30.00

Current: 14.980

Low

13.99

Averages

23.64

High

30.00

Morgan Stanley

Chris Quintero

Overweight

maintain

$19 -> $20

2025-12-16

Reason

Morgan Stanley

Chris Quintero

Price Target

$19 -> $20

AI Analysis

2025-12-16

maintain

Overweight

Reason

Morgan Stanley analyst Chris Quintero raised the firm's price target on Navan to $20 from $19 and keeps an Overweight rating on the shares. A 7% revenue beat is "a strong result out of the gate," says the analyst, who remains convicted in Navan being a 20%-plus grower with enterprise momentum accelerating. FY26 revenue guidance was raised by more than the Q3 beat and now calls for 28% year-over-year growth versus consensus at 25%, the analyst added. The firm raised its price target on higher estimates, but calls a CFO transition this early into the public markets journey "surprising and something to monitor."

Jefferies

Buy

downgrade

$25 -> $20

2025-12-16

Reason

Jefferies

Price Target

$25 -> $20

2025-12-16

downgrade

Buy

Reason

Jefferies lowered the firm's price target on Navan to $20 from $25 and keeps a Buy rating on the shares. Management commentary on enterprise traction was "encouraging" and fiscal Q4 guidance beat consensus while leaving "ample room for upside," the analyst tells investors. In a vacuum, the fundamentals would likely have driven "a relief rally for the beleaguered stock," but the surprising CFO departure will likely hurt investor confidence in the near-term, the analyst added.

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Mizuho

Siti Panigrahi

initiated

$25

2025-11-24

Reason

Mizuho

Siti Panigrahi

Price Target

$25

2025-11-24

initiated

Reason

Mizuho analyst Siti Panigrahi initiated coverage of Navan with an Outperform rating and $25 price target. The firm says the company offers an end-to-end, artifices intelligence-powered software platformt to deliver a personalized global travel booking experience to businesses and employees. Navan is well positioned to displace legacy vendors and expand down-market, the analyst tells investors in a research note.

Needham

Scott Berg

initiated

$25

2025-11-24

Reason

Needham

Scott Berg

Price Target

$25

2025-11-24

initiated

Reason

Needham analyst Scott Berg initiated coverage of Navan with a Buy rating and $25 price target. Navan has a best-in-class travel management platform in a large total addressable market dominated by legacy vendors with significant greenfield opportunity, the analyst tells investors in a research note. Navan's deep technology expertise and AI leadership supports broader, more personalized inventory while creating a financial moat against competitors primarily using human agents, and the company is set up for durable, rapid growth, the firm added.

About NAVN

Navan, Inc. is an end-to-end, artificial intelligence (AI) powered software platform built to simplify global business travel and expense (T&E) experience, helping users, customers, and suppliers. Its solutions include Navan Cloud-The Infrastructure of its Travel Experience, Navan Native Apps and Enterprise Integrations, and Navan Cognition-its New Paradigm in AI-Powered Travel Management. Navan Cloud-The Infrastructure of its Travel Experience is its proprietary technology and partner infrastructure from the ground up to provide a global, real-time inventory that maximizes choice for its users. Its platform is global, with a broad inventory including smaller suppliers, and its human and virtual agents have access to all the bookings on its platform, globally. Navan Cognition-its New Paradigm in AI-Powered Travel Management is its third-generation proprietary AI framework that combines the precision and predictive machine learning with the reasoning capabilities of large language mode.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.