DA Davidson Upgrades Concur Tech (CNQR) to Buy; Weakness Presents Rare Entry Into Promising Long-Term Growth Story

DA Davidson upgraded Concur Tech (NASDAQ: CNQR) to Buy, price target raised from $55 to $60.00.

DA analyst says, "CNQR continued to make longterm investments in the quarter. Among them: the GlobalExpense acquisition was completed; a new partnership and API with thetrainline.com was announced; and the CNQR Advisor Program was launched for SMB consultants. CNQR also invested $5 million in Yapta, an airfare tracking engine."

"Given our outlook regarding the company’s 2013 growth trajectory (25% revenue growth and 35% earnings growth), we consider these multiples attractive. Additionally, we consider CNQR to be one of the most impressive longer term growth stories in the space, as we estimate the overall market opportunity is ~$30 billion annually with no direct competitors."

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 $46.04 yesterday.

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