Deutsche Bank Reiterates Rating, PT On CNQR

Deutsche Bank is reiterating its Hold rating and its $50 price target on Concur Technologies CNQR in expectation of inline 2Q results for the company. Says Deutsche Bank, in its report, “We are expecting that Concur's 2Q results should be in line with management's conservative guidance. As a result, we are leaving our revenue estimates unchanged at $85m, but revising EPS numbers down to $0.16 (from $0.24) to account for investments in Concur Japan, Concur India and dilution from the TripIt acquisition. Given the uncertain macroeconomic conditions, we believe that management's conservative guidance is prudent.” CNQR closed yesterday at $56.28.