UPDATE: D.A. Davidson & Co. Initiates Coverage On Concur Technologies On Mixed Factors

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In a report published Wednesday, D.A. Davidson & Co. analyst Jack Andrews initiated coverage on
Concur TechnologiesCNQR
with a Neutral rating and $100.00 price target. In the report, D.A. Davidson & Co. noted, “Next generation enterprise application cloud computing leader. CNQR is a software-as-a-service (SaaS) company offering cloud-based expense reporting and travel booking (T&E) solutions. The company has grown revenue at a 26% CAGR over the last dozen years, and management believes that rate of growth can continue for many more. Expense and travel management have largely been un-automated processes. CNQR's stated goal is to reinvent the corporate travel supply chain and enable every company to process their expense reports using CNQR's software. Already processing more than $50 billion of T&E expenses per year, the primary driver of demand for the company's solutions is the potential to achieve hard-dollar cost savings.” Concur Technologies closed on Tuesday at $100.77.
Posted In: Analyst ColorInitiationAnalyst RatingsD.A. Davidson & Co.Jack Andrews
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