Wedbush Morgan Upgrades Concur Technologies (CNQR) to Neutral; Customer Growth Remains Strong
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Wedbush Morgan upgrades Concur Technologies (Nasdaq: CNQR) to Neutral from Underperform. Price target increased from $27 to $35.
Wedbush analyst says, "Upgrading shares of CNQR to Neutral as we believe they will trade in line with those of its peers over the next few quarters. Our prior two concerns were 1) our belief that the corporate travel market would continue to deteriorate making it harder for the company to achieve consensus estimates, and 2) the extreme valuation on the shares. We believe the recent acquisition of Etap potentially gives the company cover to achieve estimates over the next few quarters, and the average multiple investors have been willing to pay recently for market-leading subscription vendors has more than doubled (2.0x to 4.0x) since January, causing us to believe that CNQR shares will not underperform relative to its peers over the next few quarters."
"Recent checks suggest that new customer growth continues to remain strong, and we believe the company is enjoying a healthy level of success signing large customers from its relatively young relationship with Amex."
To see more analyst ratings on CNQR Click Here.
Concur Technologies, Inc. provides employee spend management solutions.
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