Concur Tech (NASDAQ:CNQR) is a Multiyear Growth Story Says FBR

Even though the seasonal slowdown is hitting Concur Tech (NASDAQ:CNQR), FBR sees them benefiting over the long haul as corporate spending and travel continue to remain healthy through 2011.

FBR says, "Despite difficult YOY travel data comparisons and an anticipated seasonal slowdown in business travel during 4Q, business travel metrics remain at elevated levels, suggesting that robust corporate travel activity persists. Since the inflection point for growth in corporate spending occurred in 2Q09, we are no longer expecting acceleration in corporate travel; however, we do expect corporate travel growth rates to remain at very healthy levels over 2011. We reiterate our thesis that Concur is a multiyear growth story benefiting from a strengthening core business and a few meaningful new growth opportunities, most notably international expansion and SMB penetration."

FBR Capital reiterates an "Outperform" rating on Concur Tech (CNQR), which closed Tuesday at $51.00, up $0.37, or 0.73 percent. FBR has a price target of $58 on Concur.