Concur Technologies (CNQR) PT Cut at Needham & Company, 'Buy' Maintained

Needham & Company analyst Michael Huang reduced his price target on Concur Technologies (NASDAQ: CNQR) to $100.00 (from $125.00) but maintained a Buy rating on solid Q1 results.

Huang comments, "Despite the valuation turmoil surrounding CNQR shares (down 16% over the past month) and other high quality SaaS names over the past month, Concur’s Q2 was yet another impressively strong quarter report across the board. Shares are not expensive in our view at 6.4x and 5.2x EV/14Revs and EV/15Revs respectively, and understate the competitive leadership, strength of demand trends, and number of growth drivers, all of which increases our conviction in strong and potentially accelerating growth over the next several years.Next week's user conference in New Orleans could be a positive catalyst for shares."

The firm trimmed FY 2014 EPS from $0.62 to $0.61.

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 $83.01 yesterday.

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