Concur Technologies Inc. is likely to see slower business in the near term as the maker of expense report software enters a slow period, a Piper Jaffray analyst said Wednesday.
Mark R. Murphy assumed coverage of Concur and downgraded the stock to "Neutral" from "Buy" in a note to investors. He assigned a price target of $36.
In premarket trading Wednesday, shares declined $1.11, or 3.2 percent, to $34. On Tuesday, the stock rose $1.88, or 5.7 percent, to close at $35.11.
Murphy said the company's premium share price would normally be welcome to investors given the Concur's routinely strong earnings performance. However, the current economic weakness makes shares of premium-valued stocks less appealing, he said, while Concur is about to enter the seasonally slow summer months.
A representative from the Redmond, Wash., company could not immediately be reached for comment early Wednesday.
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