UPDATE: Jefferies Raises PT on Concur Technologies Following Key Acquisition in Industry

In a report published on Tuesday, Jeffreries analyst Ross MacMillan raised the price target on Concur Technologies (NASDAQ: CNQR) from $74 to $90 and retained its Hold rating on the company.

In the report, Jefferies commented, "he acquisitions of TRX and GDSX move Concur into a leading position in mid-office functions within corporate travel technology. The move strengthens CNQR's position, especially with travel management co's. This is important as it furthers CNQR's ambitions around open booking as well as its attempt to be the data integration hub between travel suppliers, TMCs and corporations. We see 3 key aspects of the acquisitions: i) Expands the TAM with CNQR now a major player in mid-office functions; ii) It moves CNQR closer to travel mgmt companies, an important step as CNQR promotes its Open Booking initiative; iii) It helps CNQR move further toward being a data integration hub in the travel technology supply chain."

Concur Technologies closed on Tuesday at $88.28.