Jefferies Downgrades Conqur (CNQR) to Hold On Valuation

Jefferies downgraded Conqur (NASDAQ: CNQR) from Buy to Hold with a price target of $53 citing valuation plus less convicted on estimate upside.

The firm comments, "We downgrade CNQR to Hold and maintain our $53PT. Our call is a combination of valuation discipline as well as lower conviction on upside to numbers given the strong FY12 guidance (25% Y/Y growth) and risk of potential slightly weaker fundamentals in growth areas of the business (such as International, especially Europe). Also given the aggressive investment plan for FY12, we don’t think we start to see earnings/ CFFO reacceleration until FY13. Our estimates change little and we maintain our $53PT, but we downgrade to Hold."

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

Shares of Conqur closed at $48.97 yesterday.

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