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Concur: Credit Suisse Cuts Rating On Valuation; Stock Off

Posted on May 16, 2008

Concur Technologies (CNQR) shares are trading lower after Credit Suisse analyst Bryan McGrath cut his rating on the stock to Neutral from Outperform on a valuation basis. He maintains a $36 price target on the company, which provides employee spend management software. While we maintains a positive view regarding the company s overall fundamentals and long-term growth potential, we believe the current risk-reward trade-off is more balance at this time, and we think it s unlikely that the stock will continue to outperform, he wrote in a research note. McGrath notes that the stock alrea...

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