UPDATE: Jefferies Raises PT to $59 on Concur Technologies; FQ2 Upside

Jefferies increases its price target from $56 to $59 on Hold-rated Concur Technologies CNQR as trends look good following an upside in FQ2. Jefferies says, "CNQR upsided F2Q12 on rev/ NG EPS/ CFFO and attributed this to faster deployments/ transaction upside. Mgmt said new bookings YTD are growing above last year's +35% Y/Y. Given the limited ADP deal disclosure, it is hard to know what is organic, but we think consolidating those revs allows CNQR to significantly increase investment in sales with a modest impact to FY12 profit. This could drive higher organic growth in FY13 and beyond." CNQR closed at $57.98 on Wednesday.