Needham & Company Upgrades Concur Tech (CNQR) to Buy; Q4 Acceleration and Growth Levers to Diffuse Skeptic Concerns

Needham & Company upgraded Concur Tech (NASDAQ: CNQR) from Hold to Buy. PT $62.

Needham analyst says, "We’re upgrading our rating on CNQR shares to reflect increased conviction over near-term and longer-term growth prospects, which we believe are not adequately reflected in current valuations. CNQR shares have been under pressure recently, down 14% over the past month (vs. NASDAQ down 1%)...Our sense is that increased conviction over Q4 acceleration and a solid F2012 outlook could be more than enough to diffuse concerns with the magnitude of addressable market opportunities ahead and drive multiple expansion ahead."

For more ratings news on Concur Tech click here and for the rating history of Concur Tech click here.

Shares of Concur Tech closed at $49.97 yesterday.

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