Wunderlich Securities Reiterates Buy, $56 PT on Concur Technologies, Raises Estimates

Wunderlich Securities maintains its Buy rating and $56 price target on Concur Technologies, Inc.

and updates estimates, as the company sees bookings growth and breakout earnings but needs greater spending to maintain acceleration. Wunderlich notes, “Record revenues of $95.2 million (we were at $94.9 million) were up 22.8% year-over-year, the fastest pace of growth in years. With bookings growth noted at 35% over the past year, the outlook to see revenue growth continue to accelerate to 25% for FY12 as now guided (we were at 22.5%) appears well supported. … However, management intends to support its strong customer demand by doubling its sales resources over the next two years, an effort that will leave EPS depressed near term.” CNQR closed at $48.03 on Tuesday, down 1.17 percent.