Jefferies Lowers PT On CNQR To $59

Jefferies has lowered its price target on Concur Technologies CNQR following a strong quarter from the company. Says Jefferies, in its report, “Sales growth beat consensus and F4Q11 guide means FY11 sales ests remain intact. Op margin guide points to expansion Y/Y for the first time in 7 Qs. But FCF guidance fell 20% due to acquisition dilution, commission accruals and higher capex. We adjust our valuation but stick with our BUY. We think acceleration and margin expansion mean better FCF in due course.” Jefferies maintains a Buy rating on the stock. CNQR closed yesterday at $46.04.