Piper Jaffray Downgrades Concur Technologies (CNQR); Risk/Reward Appears More Balanced
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Piper Jaffray & Co. downgrades Concur Technologies (Nasdaq: CNQR) from Buy to Neutral. Price target increased $2 to $34.
Piper analyst says, "In our view, Concur is the leading provider of on-demand corporate employee spend management solutions that enable customers of all sizes and verticals to better manage their employees' travel and expenses by significantly reducing operational costs, streamlining business processes and improving internal controls and compliance. We believe the company is well-positioned for continued growth, particularly as the American Express relationship begins to drive a material revenue contribution in CY2011. However, the current premium valuation, the weaker airline data in the month of May, and a possibility of slower-than-expected margin expansion in the future indicate to us that expectations for a recovery have moved ahead of the current reality, and we now perceive risk/reward to be fairly balanced."
To see more analyst ratings on CNQR Click Here.
Concur Technologies, Inc. provides employee spend management solutions.
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