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    Concur shares rise on 1Q beat, economic growth

    Associated Press – Thu, Feb 2, 2012

    LOS ANGELES (AP) — Shares of Concur Technologies jumped 9 percent Thursday after the expense management software maker topped first-quarter earnings expectations and got an upgrade from UBS.

    THE SPARK: Concur reported fiscal first-quarter earnings through December that beat analysts' expectations. UBS Investment Bank analyst Brent Thill said that after accounting for standard adjustments, the company earned 21 cents per share, beating the average analyst expectation of 20 cents.

    Its revenue grew 25 percent to $100.4 million, beating the average $98.8 million expected.

    THE BIG PICTURE: Concur makes software that manages corporate expenses and travel and is poised to benefit from more hiring and an improving economy.

    THE ANALYSIS: UBS's Thill hiked his price target on the shares to $66 from $48 and raised his rating on the shares to "buy" from "neutral." He said he is confident the company will benefit from economic growth and increased travel booking, new deals, and a solid retention rate among new customers.

    He also believes the company has few credible competitors and is an attractive takeover target.

    SHARE ACTION: Concur Technologies Inc. shares rose $4.88, or 9 percent, to $58.92 in midday trading Thursday and is set to set a new 52-week closing high after coming off an intraday low of $34.30 in August.

     

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