UPDATE: Goldman Sachs Downgrades Concur Technologies to Sell Following Outperformance
Goldman Sachs reduced its rating on Concur Technologies (NASDAQ: CNQR) from Neutral to Sell with a reiterated $56 price target.
Goldman Sachs noted, "We downgrade shares of Concur to Sell from Neutral as we expect shares to underperform after the recent stock outperformance (up 51% over the past year versus the Russell 2000 up 0%). We believe the strong performance has been fueled by accelerating growth (revenue growth has gone from 16% yoy in 2Q11 to 28% in 2Q12). We expect a slowdown in 3QFY12 growth to 26.5% yoy, in 4Q to 25% yoy, and in 1H13 to the low 20s, leading the stock to underperform its SaaS peer group."
Concur Technologies closed at $64.71 on Thursday.
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Tags: Goldman Sachs