UPDATE: Stifel Nicolaus Initiates Concur Technologies with Buy, $67 PT on SaaS Dynamics

Stifel Nicolaus initiates a Buy rating with a price target of $67 on Concur Technologies CNQR on SaaS dynamics and strong fundamentals. Stifel Nicolaus comments, "Concur is the leading provider of software-as-a-service (SaaS) based solutions focused on automating the corporate travel booking process, itinerary management and expense management processes. While travel and expense management solutions have been around for years, we believe there is still tremendous growth opportunities for Concur, as many organizations still use Excel spreadsheets or other antiquated solutions to manage the process. We believe the market is a multi-billion dollar opportunity and is less than 10% penetrated. Based on this low penetration rate and a multitude of other growth drivers, we believe Concur can sustain more than 20% annual revenue growth and higher levels of profit growth in the years to come." CNQR closed at $57.98 on Thursday.