Broadpoint.AmTech Downgrades Concur Technologies (CNQR) to Neutral

June 11, 2009 10:49 AM EDT

Broadpoint.AmTech downgrades Concur Technologies (Nasdaq: CNQR) from Buy to Neutral. Price target $27.

Broadpoint analyst says, "We are lowering our rating to Neutral as CNQR has exceeded our $27 price target and we do not have enough visibility to warrant raising estimates at this time. In addition, macro pressures persist and we have concerns around the ADP (NYSE: ADP) partnership...We estimate ADP contributes approximately 20-25% of new bookings in a typical 3Q for Concur. Our research indicates ADP and Concur are finalizing a new partnership agreement, but we lack visibility on the ultimate outcome...We still consider CNQR one of our top long-term investment ideas due to a large, relatively untapped market opportunity in Expense Management, commanding market share/leadership position and a strong execution track record. However, the recent share price appreciation combined with near-term concerns with a distribution partner lead us to lower our rating to Neutral from Buy. Once we have more clarity on the ADP partnership, we will revisit our near-term outlook for CNQR."

To see more analyst ratings on CNQR Click Here.

Concur Technologies, Inc. (Concur) is a global provider of on-demand Employee Spend Management solutions.

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