Jefferies Lowers Price Target On Concur Technologies (CNQR), Keeps Buy Rating

Jefferies lowered its price target on Conqur (NASDAQ: CNQR) from $62 to $59 after Q3 results but kept their Buy rating.

The firm commented, "Sales growth beat consensus and F4Q11 guide means FY11 sales ests remain intact. Op margin guide points to expansion Y/Y for the first time in 7 Qs. But FCF guidance fell 20% due to acquisition dilution, commission accruals and higher capex. We adjust our valuation but stick with our BUY. We think acceleration and margin expansion mean better FCF in due course."

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

Shares of Conqur are down 3.7% today to $44.33.

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