UPDATE: Deutsche Bank Raises PT to $57 on Concur Technologies; Strong Q1

Deutsche Bank raises its price target from $55 to $57 on Hold-rated Concur Technologies

following a strong quarter vs estimates. Deutsche Bank says, "CNQR delivered a strong quarter at $108.4m/pre-tax EPS of $0.33 vs. our $105.8/$0.18 and Street's $105.9m/$0.19. The company's more aggressive growth strategy begun this fiscal year appears to be paying off as bookings from 2-3 quarters ago began to turn into revenue. FY12 revenue guidance was raised slightly to a growth target of 26% y/y (up 50bps) and EPS from $1.27 to $1.31. However, at current valuation, we see limited upside to the stock price and therefore reiterate our Hold rating." CNQR closed at $57.98 on Wednesday.