UPDATE: Stifel Reiterates Buy Rating, Raises PT on Concur Technologies on Positive Outlook

In a report published Thursday, Stifel analyst Brad Reback reiterated a Buy rating on

, and raised the price target from $108.00 to $126.00. In the report, Stifel noted, “CNQR finished FY13 on a solid note. Strong performances from its delivery organization combined with a modest benefit from partners helped new customer deployments roll-out faster than anticipated. This dynamic coupled with healthy transaction volume enabled it to post its strongest sequential revenue growth since 2006 (+11%) and grow ~31% y/y to $154.2 million, topping our and Street forecasts by more than $2.5 million. We believe CNQR is benefiting from its significantly expanded sales force, growing ecosystem, rising market awareness, and solid execution. Looking ahead, we believe demand for CNQR's solutions remains robust and believe the company is capacity constrained on the sales front. As such, we think management's decision to aggressively ramp investments (particularly around sales headcount) and temporarily trade near-term margin for mid- to longer-term growth is the right strategy. We also think CNQR's initial FY14 targets are fairly conservative and expect estimates to walk higher as the year unfolds. Given these views, and our increased confidence CNQR can sustain at least 25% growth for the next several years, we are raising our target price to $126 from $108.” Concur Technologies closed on Wednesday at $103.89.