Zacks Investment Research downgraded shares of Concur Tech Inc (CNQR) from OUTPERFORM to NEUTRAL on April 18, 2014, with a target price of $95.00.
Concur is a leading provider of integrated travel and expense management solutions. We are downgrading our recommendation on Concur Technologies to Neutral from Outperform with a target price of $95. The company's first quarter saw new customer growth across the segments, thereby strengthening its travel management business. Concur's performance in SMB, enterprise and in its federal business remained strong in the quarter. This apart, we remain positive about the mounting opportunities for the company driven by the increased demand for the managed travel expenses by the corporate industry across the globe. However, the company's increasing costs especially from the acquisitions and a global economy still recovering from the recession limits the visibility to company's future.
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