Needham & Company Maintains a 'Buy' on Concur Technologies (CNQR); Thesis Reaffirmed After Meeting with Mgmt
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Price: $128.78 --0%
Rating Summary:
2 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 11 | New: 17
Rating Summary:
2 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 11 | New: 17
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Needham & Company maintains a 'Buy' on Concur Technologies (NASDAQ: CNQR) price target raised from $65 to $69.
Analyst, Michael Huang, said, "We had the opportunity to host several CNQR investor meetings yesterday in San Francisco. In sum, management tone was upbeat, consistent with commentary from recent earnings calls. Our sense is that the company’s large number of substantive growth investments (Distribution capacity, Japan, India, Platform, SMB via Breeze and new product ConcurForce, Government, ADP referral relationship, Unmanaged travel) will likely pay off and yield fruit in 2013, increasing our confidence that Street estimates for 2013 (up 25% y/y) are too conservative and will likely need to be revised up through the year."
"A recurring topic of conversation was ADP (NYSE: ADP). Management sought to diffuse concerns that they see as overstated/offbase that CNQR acquired yet didn’t adequately disclose material growth when it acquired the rights to 11 years’ worth of ADP’s legacy CNQR customers. We estimate the “bought” revenue to be largely immaterial at less than 1% of our F12 revenue targets." (Needham raises FY13 EPS estimate from $1.02 to $1.06)
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 $59.97 yesterday.
Analyst, Michael Huang, said, "We had the opportunity to host several CNQR investor meetings yesterday in San Francisco. In sum, management tone was upbeat, consistent with commentary from recent earnings calls. Our sense is that the company’s large number of substantive growth investments (Distribution capacity, Japan, India, Platform, SMB via Breeze and new product ConcurForce, Government, ADP referral relationship, Unmanaged travel) will likely pay off and yield fruit in 2013, increasing our confidence that Street estimates for 2013 (up 25% y/y) are too conservative and will likely need to be revised up through the year."
"A recurring topic of conversation was ADP (NYSE: ADP). Management sought to diffuse concerns that they see as overstated/offbase that CNQR acquired yet didn’t adequately disclose material growth when it acquired the rights to 11 years’ worth of ADP’s legacy CNQR customers. We estimate the “bought” revenue to be largely immaterial at less than 1% of our F12 revenue targets." (Needham raises FY13 EPS estimate from $1.02 to $1.06)
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 $59.97 yesterday.
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