Concur (CNQR) shares are getting a boost this morning from Jefferies & Co. analyst Ross MacMillan, who this morning raised his rating on the stock to Buy from Hold, with a new target of $55, up from $43. The company said the upgrade of the corporate expense management software provider reflects “the notable improvement in corporate travel in the last 3-4 months, higher conviction of improved international growth” and higher conviction in the company’s ability to get into the small- and medium-sized business market.
He raised his EPS estimate for the company’s September 2011 fiscal year� to $1.07, from $1.06.
Yesterday, Gleacher & Co. analyst Brad Whitt raised his rating on the stock to Buy from Neutral, setting a $54 price target, noting that his checks find that the company had strong FY Q3 bookigns across most business segments and geographies. He projects profits of 77 cents for FY 2010, up from 76 cents, and 90 cents for FY 2011, up from 89 cents.
CNQR today is up $1.28, or 2.7%, to $47.05.
Fairly startling P/E, I would note, at around 44x MacMillan’s FY 2011 forecast.
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