Par Technology upgraded to Overweight from Equal Weight at Stephens

Stephens analyst Charles Nabhan upgraded Par Technology to Overweight from Equal Weight with a price target of $60, up from $46. As a category leader in restaurant technology, Par is well positioned to capitalize on demand for loyalty, cloud-native POS and data-analytics solutions and the firm believes the sale of government subsidiaries simplifies the story and adds valuable capital flexibility, the analyst tells investors. The firm attributes a discounted valuation to the lack of current profitability, but sees progress towards the Q3 positive adjusted EBITDA target and mid-20%-plus margins over the medium-to-long term as catalysts for multiple expansion.