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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- NexTech Solutions Has Agreed to Acquire Rome Research Corporation to Expand Service Offerings and Enhance Mission Support Capabilities
- PAR Technology Restructures with Strategic Subsidiary Sales
- Par Technology announces sale of government subsidiaries for $102M combined
- Booz Allen acquires PGSC from Par Technology, terms undisclosed
- Benchmark upgrades Par Technology on strong growth prospects