Oppenheimer remains Overweight rated on Concur Technologies CNQR despite shares falling on ADP payment concerns.
Oppenheimer notes, "On Friday, shares of Concur dramatically underperformed the SaaS sector as
concerns regarding the ADP relationship crept into investors minds. After reviewing
the company's financial statements post earnings it became apparent CNQR made
over a $60 million payment to ADP during the December to further modify the
relationship between the two companies."
CNQR closed at $57.42 a share on Friday.
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