Needham & Company Lifts PT on Concur Technologies (CNQR) to $80

May 2, 2013 1:38 PM EDT
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Price: $128.78 --0%

Rating Summary:
    4 Buy, 21 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 17 | New: 13
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Needham & Company raised its price target on Concur Technologies (NASDAQ: CNQR) from $75 to $80 following Q2 results, saying 100% booking growth and ETS2 momentum more than mitigates concerns.

Analyst Michael Huang comments, "Q2 was inline with preannounced and highlighted by impressive new annualized bookings growth (over 100% y/y) that could help drive accelerated revenue growth through next year. While management expectedly guided F13 below previous guidance, the silver lining is that this revision reflects delayed revenue recognition due to lengthening deployments (accelerated bookings activity has resulted in constrained services capacity), and not due to any fundamental demand issues (which remains strong across the board)."

The firm maintained FY 2013 EPS of $0.92 and trimmed FY 2014 EPS from $0.92 to $0.90.

For an analyst ratings summary and ratings history on Concur Technologies click here. For more ratings news on Concur Technologies click here.

Shares of Concur Technologies closed at $74.47 yesterday.

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