Par Technology price target raised to $66 from $60 at Needham

Needham analyst Mayank Tandon raised the firm’s price target on Par Technology to $66 from $60 and keeps a Buy rating on the shares. The firm’s meetings with the company management highlighted its widening competitive moat in the enterprise restaurant segment where it continues to land large deals and has a record pipeline of Tier-1 opportunities, the analyst tells investors in a research note. Needham adds that this gives the firm added confidence in the management’s ability to drive sustainable 25% annual recurring revenue growth.