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Time to take profits in Concur Technologies (CNQR +1.1%), D.A. Davidson asserts, cutting its...

Time to take profits in Concur Technologies (CNQR +1.1%), D.A. Davidson asserts, cutting its rating on the stock to Neutral from Buy. After gaining 20% YTD, shares now trade at a PE of 54x the firm's FY2013 forecast, 24x enterprise value/EBITDA and ~6x sales, multiples it says is in the range of premium levels paid for recent cloud-based software deals.
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