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Par Technology price target raised to $57 from $53 at Needham

Needham analyst Mayank Tandon raised the firm’s price target on Par Technology (PAR) to $57 from $53 and keeps a Buy rating on the shares. The company’s divestiture of its Government Systems Corporation and Rome Research Corporation to Booz Allen Hamilton (BAH) was constructive as it simplifies the business and improves its financial profile, the analyst tells investors in a research note. The government business has been an overhang on Par’s valuation, and the firm expects the shares to re-rate higher and the valuation gap to narrow relative to other fast growing restaurant-tech peers, Needham added.

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