Government's e-travel contract with Concur upheld by GAO

theflyonthewall.com

Concur's (CNQR) $1.4B e-travel contract with the U.S. government's General Services Administration was upheld by the Government Accountability Office, or GAO, The Federal Times reported last night. The GAO denied a protest by CWT Sato Travel, which had previously provided e-travel services to the federal government's civilian agencies. Concur specializes in travel and expense management services and its 15 year deal is slated to begin in November 2013. Reacting to the news, Robert W. Baird analyst Steven Ashley increased his price target on Concur's shares to $80 from $75 in a note to investors earlier today. In mid-morning trading, Concur added 40c, or 0.54%, to $75.07.

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