Concur Shares Popped: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Concur Technologies (NAS: CNQR) conquered the day with gains as high as 16% after reporting strong first quarter earnings.
So what: Revenue hit $100 million for the first time ever, and earnings were no slouch either at $0.32 per share. The results looked rather tall when stacked against the Street's expectations of $98.8 million in revenue and $0.19 earnings per share.
Now what: Several analysts also came out with bullish comments to follow up the figures. Needham & Company reiterated its buy rating and $65 price target, calling Concur one of its favorite software-as-a-system names with accelerating growth. UBS upgraded shares from neutral to buy, bumping up its price target from $48 to $66 in the process, saying it has few credible competitors and abundant growth opportunities.
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