UPDATE: Nomura Securities Starts Concur Technologies (CNQR) at Buy, Calls Potential Takeover Target

August 7, 2012 7:29 AM EDT
Get Alerts CNQR Hot Sheet
Price: $128.78 --0%

Rating Summary:
    4 Buy, 21 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 34 | New: 34
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(Updated - August 7, 2012 11:22 AM EDT)

Nomura Securities initiates coverage on Concur Technologies (NASDAQ: CNQR) with a Buy. PT $80.00.

Analyst Frederick Grieb comments: "We are positive on the stock, as Concur is the leader in the large, underpenetrated travel & expense software market. Our FY13 and FY14 revenue estimates for Concur are 5.1% and 7.7%. Longer term, we believe the Street is understating the upside optionality potential from Concur monetizing its position as an intermediary between business travelers and hotel and rental car suppliers. Given the recent wave of consolidation in the SaaS space, and Concur's position as a large, growing SaaS vendor with little competition in its core market, we believe that Concur is a potential target."

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 $65.51 yesterday.

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