Navan (NAVN) stock offers an attractive entry point despite the recent stock rally following its fiscal Q1 beat, Morgan Stanley said in a Thursday research report.

The quarterly beat was supported by multiple factors, including gross booking volume growth, strength of product-led-growth sales, AI offerings, and a robust corporate travel backdrop as businesses prioritize travel for in-person meetings with clients, analysts wrote.

The company's cognition orchestration layer is enabling it to increasingly use AI models to enhance customer experience and operational efficiency, according to the note.

The brokerage said it reiterated its overweight rating on the stock and boosted its price target to $33 per share from $25.

Price: 23.71, Change: +2.84, Percent Change: +13.62