Concur stock shoots up as analyst raises rating
The Associated Press
NEW YORK — Shares of Concur Technologies rose 6.3 percent Monday as Wunderlich Securities predicted solid growth next year for the Redmond-based human resources software company.
Analyst Richard Baldry raised his rating to “Buy” from “Hold.” He also reiterated his share price target of $84 over the next 12 months to 18 months.
When reporting quarterly earnings last month, Concur predicted revenue in the next fiscal year to increase about 25 percent compared with 2012.
Concur’s management has a track record of giving conservative guidance at the start of each fiscal year, Baldry told clients in a research note. He believes that Concur’s forecast of a slower-than-expected growth rate in the first half of 2013 “should prove overly conservative.”
During the second half of the year, Concur should see a 30 percent organic growth rate largely due to deals already signed, the analyst wrote. The company’s valuation likely will climb steadily during the year.
Concur stock closed Monday’ up $3.91 at $65.29.