PAR Technology (PAR) PT Raised to $66 at Needham

Needham analyst Mayank Tandon raised the price target on PAR Technology (NYSE: PAR) to $66.00 (from $60.00) while maintaining a Buy rating.

The analyst commented: "We recently hosted Savneet Singh (CEO) and Chris Byrnes (IR) for investor meetings in Boston. The meetings highlighted PAR's widening competitive moat in the enterprise restaurant segment where it continues to land large deals (notably Burger King and Wendy's) and has a record pipeline of Tier-1 opportunities, a couple of which it is in a strong position to win. This gives us added confidence in management's ability to drive sustainable ~25% ARR growth, with potential for upside as PAR drives cross-sales and generates synergies from its two recent TAM expansion acquisitions (Stuzo and TASK). We also believe PAR is on track to reach EBITDA profitability in 3Q and scale EBITDA margins rapidly overtime from higher subscription revenue mix and operating leverage. We are raising our estimates and target and reiterating our BUY rating."

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