Concur shares stumble on Broadpoint downgrade

Shares of Concur Technologies Inc., which makes corporate expense-management software, stumbled Thursday after a Broadpoint AmTech analyst downgraded the company, citing uncertainty on a key contract.

Broadpoint analyst Brad Whitt also noted the company's stock has climbed past his price target of $27. He cut his rating to "Neutral" from "Buy."

Whitt expressed concern about the company's partnership with Automatic Data Processing Inc., a Roseland, N.J.-based company that provides payroll and tax filing services. He said ADP accounts for 20 percent to 25 percent of Concur's new bookings in a typical third quarter.

"Our research indicates ADP and Concur are finalizing a new partnership agreement, but we lack visibility on the ultimate outcome," he said.

Whitt said Redmond, Wash.-based Concur is still one of his "top long term investment ideas."

Concur shares fell $2.07, or 6.1 percent, to $32.11 in afternoon trading. The stock has ranged from $17.82 to $50 over the past year.