Piper Jaffray Neutral On Concur Technologies (CNQR

Piper Jaffray is out with a research report on Concur Technologies CNQR and it has a Neutral rating and a $47 price target on shares. In a note to clients, Piper Jaffray writes, "AMEX reported +15% y/y growth in Q2 Global Corporate Travel Sales, down from +20% in Q1 but still showing healthy expansion. The AMEX data is largely in line with our Airline RPMs analysis which indicates that Q2 y/y growth in airline RPMs is essentially consistent with Q1, with softer growth in the month of June but still in positive territory. While the travel data appears generally consistent to slightly decelerating, we believe CNQR will successfully post accelerating revenue growth due to the lag effect of healthy bookings in prior quarters and additive acquisitions. We maintain a Neutral rating on CNQR primarily due to valuation." Shares of CNQR lost 63 cents yesterday to close at $48.42.