Oppenheimer Maintains Overweight on Concur Technologies

Oppenheimer remains Overweight rated on Concur Technologies (NASDAQ: 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.