Concur Technologies: We See Limited Upside From Current Trading Levels, Says Roth Capital
In a research report issued today, Roth Capital analyst Richard Baldry downgraded shares of Concur Technologies (NASDAQ:CNQR) to a Neutral rating with a $129 price target, following acquisition bid by SAP.
Baldry said, “We are lowering our Concur Technologies rating to Neutral from Buy, reflecting what we view as a fully-valued acquisition bid by SAP. We do not expect a higher bid to emerge from a competing entity and view the unanimous approval of Concur’s Board as signaling no chance of an American Express bid. As such, we see limited upside from current trading levels aside from shares slowly narrowing the remaining gap to the purchase price as the acquisition closing date nears.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Richard Baldry has a total average return of 9.4% and a 72.2% success rate. Baldry has a 33.2% average return when recommending CNQR, and is ranked #944 out of 3295 analysts.