Jefferies raised the firm’s price target on Par Technology to $45 from $35 and keeps a Hold rating on the shares after the company entered into an agreement with Burger King to be the exclusive point-of-sale software and services provider for BK’s North America locations. The analyst estimates the deal could translate into more than $20M of annual recurring revenue once fully ramped in a couple of years. Burger King represents Brink’s most notable Tier 1 quick service restaurant win to-date, and it could help drive other Tier 1 wins over time, the analyst tells investors in a research note.
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