DA Davidson Downgrades Concur Technologies (CNQR) to Neutral; Valuation Call After Recent Run

DA Davidson downgraded Concur Technologies (NASDAQ: CNQR) from Buy to Neutral with a price target of $62.00.

DA analyst says, "Given the recent and impressive run, CNQR shares are now trading near our price target of $62, which represents a 54x P/E multiple, a 24x EV/EBITDA multiple and ~6x sales, all based on our 2013 estimates. These multiples are in the range of premium multiples paid for recent SaaS comparable take-outs."

"We still like this company and have the highest respect for this management team and the business they have built. Further we see no negative near-term catalysts and while we view the stock as attractive for longer-term investors, we simply have a hard time justifying initiating new positions at these levels."

For an analyst ratings summary and ratings history on Concur Technologies click here. For more ratings news on Concur Technologies click here.

Shares of Concur Technologies closed at $60.37 yesterday.

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