Citizens analyst Patrick Walravens reiterated a Market Outperform rating and $38.00 price target on Navan Inc (NASDAQ: NAVN).

The analyst commented, "We maintain our Market Outperform rating and $38 price target on Navan, Inc. after it reported strong F2Q27 results, with non-GAAP EPS of $0.05 (consensus $0.04) and operating margins of 7.4% (consensus 6.3%) on revenue of $233M, up 35% y/y (consensus $220M) versus 40% y/y growth last quarter, and GBV of $3.00B (consensus $2.85B), up 45% y/y versus 50% last quarter – all of which left the stock down 15% in the aftermarket, after having risen 59% year to date versus an increase of 11% for the Russell 3000. Guidance was better than expected across the board reflecting the strong tone of business with: 1) F3Q27 non-GAAP operating income of $35.5M-$36.5M (consensus $35.4M) on revenue of $253M-$255M (consensus $247.9M), representing growth of 30% at the midpoint; 2) FY27 non-GAAP operating income of $82M-$86M (consensus $78.6M, prior guidance $76M-$80M) on revenue of $927M-$933M (consensus $911.0M, prior guidance $907M-$913M), representing growth of 32% at the midpoint, up from 31% in FY26; and 3) an annual raise of $20M, consisting of the $12M beat in Q2, plus another $8M in the backhalf of the year."

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Shares of Navan Inc closed at $25.89 yesterday.