Benchmark upgrades Par Technology on strong growth prospects

Benchmark analyst Mark Palmer upgraded Par Technology to Buy from Hold with a $59 price target. The analyst believes the company’s effort to build a fast-growing, profitable software platform focused on enterprise restaurants is approaching an inflection point at which it will combine accelerating revenue growth with expanding margins. Bolstered by the rollout of its Burger King point of sale implementations, the recently announced acquisitions of Stuzo and Task Group, and the growing adoption of its payments and table service offerings, Par is well positioned to demonstrate operating performance that would justify a “meaningfully fuller valuation,” the analyst tells investors in a research note. The firm believes the company’s strong growth prospects are not reflected in its valuation.