BTIG analyst Mark Palmer lowered the firm’s price target on Par Technology to $46 from $60 to reflect a broader re-rating in the FinTech sector but keeps a Buy rating on the shares after its Q3 results. The company beat on the top line and its CEO, Savneet Singh, also used the earnings call to draw attention to the resilience that the business has been exhibiting in the face of a weaker macroeconomic backdrop, the analyst tells investors in a research note. Palmer adds that he sees Par Technology’s ability to reallocate its R&D spend as a crucial element of its effort to realize its vision of a unified commerce platform that brings together its guest engagement, operator solutions, and back office capabilities.
Published first on TheFly
