Loading...
Loading...
Wunderlich Securities maintains its Buy rating on Concur Technologies
CNQR as it does not believe the company is yet an acquisition target on the wake of SuccessFactors acquisition by SAP.
Wunderlich says, “We do note that the roughly $250 million strategic investment American Express (AXP-NR) made in Concur Technologies in mid-2008 clearly marked not only a marketing relationship, but a long-term interest in potentially acquiring the company (the board seat garnered in the deal is essentially restricted to voting on M&A and financing activities to support this contention). In our view, however, Concur's move to double its salesforce over the next two years to accelerate its growth (at the expense of near-term EPS) leaves little chance it would choose to exit the business while reporting a proactively dampened earnings base.”
CNQR closed at $46.89 per share on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in