Concur Technologies Is Not Accelerating As Fast As Jefferies Expected

According to Jefferies, Concur Technologies CNQR reported a modest F2Q11 beat but not as fast as Jefferies expected. In the report, Jefferies maintains a buy rating and price target of $62.00 but said, "Growth will accelerate further in F4Q and we believe FY12 will grow faster than FY11. But we trim our numbers and expect the stock to reset some before it can work." Concur Technologies closed yesterday at $55.64.