UPDATE: Wunderlich Securities Upgrades Concur Technologies to Buy on Pullback
Wunderlich Securities raised its rating on Concur Technologies (NASDAQ: CNQR) from Hold to Buy with an $84 price target.
Wunderlich Securities noted, "On November 7, Concur (CNQR) announced strong fiscal 4Q12 results as we expected, but also offered what we view as conservative guidance, which was what drove our prior decision to lower our rating to Hold. As investors have now absorbed this information and left shares solidly below recent highs, we are returning our rating to Buy with an expectation for a strong execution year ahead. Guidance suggests a steady increase to growth post 1QF13; a target to exit F13 with a 30% growth rate would leave the company in one of its fastest growth states while also at its peak for revenues (and EPS in our model). This would be a clear catalyst to drive shares sharply higher over the year ahead."
Concur Technologies closed at $61.82 on Friday.
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Tags: Wunderlich Securities