UPDATE: Wunderlich Securities Downgrades Concur Technologies to Hold, Reiterates $96 PT Following Strong 3QF13 Results

In a report published Wednesday, Wunderlich Securities analyst Richard K. Baldry downgraded the rating on

from Buy to Hold, but reiterated a $96.00 price target. In the report, Wunderlich Securities noted, “Concur Technologies (CNQR) reported strong 3QF13 results and appears poised for a strong 4QF13 and F14 year. However, we view unguided F14 consensus EPS forecasts calling for 40% pro forma EPS growth as too aggressive. Given strong organic growth, we expect continued accelerated spending in F14 and expect a seasonal downturn to EPS in 1QF14 that is out of step with consensus calling for a sequential increase. With a history of conservative guidance, we would not be surprised to see upside to 4QF13 results that could leave existing 1QF14 forecasts looking down narrowly sequentially, but we expect greater seasonality than this factor could even explain. With shares also now narrowly above our $96.00 target price, we are moving to the sidelines and reducing our rating to Hold from Buy.” Concur Technologies closed on Tuesday at $99.18.