Par Technology price target raised to $43 from $30 at Needham

Needham analyst Mayank Tandon raised the firm’s price target on Par Technology to $43 from $30 and keeps a Buy rating on the shares after hosting its CEO and head of Investor Relations at the Annual Needham Growth Conference. The discussions have indicated that the demand environment for restaurant-tech is strong as restaurants look to manage the inflationary and rising interest rate environment with technology to drive increased revenue and more efficient operations, the analyst tells investors in a research note. Tandon adds that he sees risk-reward on Par Technology stock as favorable given its 2.5-times enterprise value to his expected FY24 revenue multiple.