Sector Perform - Price 20.29 on Nov. 12
by Pacific Crest

In addition to exceeding all fiscal Q4 (Sept.) expectations, Concur had 800 new customers, up from 700 last quarter and 525 the year-ago quarter...We are lowering our fiscal Q1 estimates in line with company guidance, but we are increasing F2009 revenue and pro forma EPS to $269 million and 71 cents from $268.6 million and 66 cents. Our F2009 free cash flow/share (FCF) estimate remains 88 cents....Despite strong results, valuation remains challenging. At 23 times our F2009 FCF estimate and 29 times our F2009 pro forma EPS estimate, CNQR trades at a deserved premium to peers. But we see little basis for multiple expansion until multiples expand on the entire sector. Meantime, Concur's business could still be impacted more than expected by the economy going into 2009. Market cap: $1 billion.

Two of the most outrageously priced software stocks around are Salesforce.com (ticker: CRM), which is up 56% in the last 12 months, and which fetches between 35 and 40 times the company's projected free cash flow and Concur Technologies (CNQR), which has doubled in the last year and has a similarly rich multiple.

But Goldmacher argues that many of these companies' offerings aren't essential and could be pushed out or slashed due to tight budgets. The group includes human-resource outfit Kenexa (KNXA), online expense- software maker Concur Technologies (CNQR), public-relations software developer Vocus (VOCS), and online business-optimization concern Omniture (OMTR).

Concur Tech (CNQR) was downgraded from Neutral to Sell, Merrill Lynch said. Expect more risk to 2008 estimates, if the US economy continues to slow.

BUY

speculative play....large companies spend heck of alot of money on travel costs....companies will outsource and CNQR could be the best of the bunch....very good net margins.

BUY

BUY

Buy - Price 35.94 on May 29
by McAdams, Wright Ragen
[We] upgraded the stock of this expense-management/travel company to Buy from Hold [about] three weeks ago, after CNQR easily beat street estimates for 2Q and reported pro forma oper[ating] earnings in the period increased more than 70% year/over/year. Interest in companies like CNQR with on-demand business models has heated up with recent talk of a relationship between Google and Salesforce.com. We'd continue to buy CNQR on any pullbacks with a current target of 22.

Product we use at the office...thought it was very simple and easy to use.

had its run