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Nomura is starting coverage on richly-valued travel/expense management software vendor Concur...

Nomura is starting coverage on richly-valued travel/expense management software vendor Concur Software (CNQR +4.9%) with a Buy and $80 PT. The firm thinks the Street is underestimating Concur's ability to act as an intermediary between businesses and hotel/car rental firms, and argues its growth and market-leading position, together with the consolidation wave hitting the cloud software market, could draw a buyer. Concur delivered an FQ3 beat last week.
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