UBS Maintains a 'Neutral' on Concur (CNQR); FQ4 In-Line; S-T Pain for Hoped L-T Gain
Tweet
Share
E-mailGet Alerts CNQR Hot Sheet
Price: $128.78 --0%
Rating Summary:
2 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
2 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
UBS maintains a 'Neutral' on Concur (NASDAQ: CNQR) price target raised from $42 to $48.
UBS analyst says, "CNQR guided FY12 (Sep.) rev of 25% growth, a positive surprise to prior UBS/St. ests of 21.7%/21.6%, and was driven by 35% bookings growth in FY11, mainly from the core T&E product in core markets. The negative surprise was FY12 op mgn guide of 18% (UBSe prior 22.2%), down 300 bp y/y and the 3rd yr of mgn decline. Although likely the right decision for the business and consistent with recent trend at other SaaS co’s, this creates another transition period, mutes cash flow growth, and could suppress valuation multiples in the near term."
"Raise FY12 & FY13 rev growth forecasts to 25% each from 21.7% & 23.0%. Lower PF EPS estimates: FY12 to/from $0.81/$1.02, FY13 to/from $1.06/1.35. Assume PF op mgn: FY12 18.0% (-300bp y/y), FY13 18.5% (+50bp y/y)."
For an analyst ratings summary and ratings history on Concur click here. For more ratings news on Concur click here.
Shares of Concur closed at $48.03 yesterday.
UBS analyst says, "CNQR guided FY12 (Sep.) rev of 25% growth, a positive surprise to prior UBS/St. ests of 21.7%/21.6%, and was driven by 35% bookings growth in FY11, mainly from the core T&E product in core markets. The negative surprise was FY12 op mgn guide of 18% (UBSe prior 22.2%), down 300 bp y/y and the 3rd yr of mgn decline. Although likely the right decision for the business and consistent with recent trend at other SaaS co’s, this creates another transition period, mutes cash flow growth, and could suppress valuation multiples in the near term."
"Raise FY12 & FY13 rev growth forecasts to 25% each from 21.7% & 23.0%. Lower PF EPS estimates: FY12 to/from $0.81/$1.02, FY13 to/from $1.06/1.35. Assume PF op mgn: FY12 18.0% (-300bp y/y), FY13 18.5% (+50bp y/y)."
For an analyst ratings summary and ratings history on Concur click here. For more ratings news on Concur click here.
Shares of Concur closed at $48.03 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Viking Holdings (VIK) PT Raised to $82 at Mizuho
- Benchmark Reiterates Buy Rating on NVIDIA (NVDA), Updates Estimates
- DA Davidson Starts Comfort Systems USA (FIX) at Buy
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
UBSSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
