Concur Technologies (CNQR) Worth $120/Share in Takeover - Nomura

Nomura Securities analyst Frederick Grieb reiterated a Buy rating and $120 price target on Concur Technologies (NASDAQ: CNQR) amid reports the company is exploring a sale after being appraoched by SAP (NYSE: SAP) and Oracle (NYSE: ORCL).

"As we have stated several times since initiating coverage, we believe that Concur would make an attractive acquisition target for both Oracle and SAP," Grieb SAID. "When we apply the 8.3x NTM revenue multiple that was paid for SuccessFactors to Concur, this gives us ~$120 price per share, or a 19% premium to yesterday’s close. From Concur’s perspective, a 19% 1-day share price premium falls at the very low end of precedent acquisitions and within the range of share price appreciation that could reasonably be expected for the company over the coming year and thus might not be appealing enough to get a deal done."

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 $100.95 yesterday.

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