Par Technology upgraded to Buy from Hold at Jefferies

Jefferies upgraded Par Technology to Buy from Hold with a price target of $60, up from $45. The firm says Par has made significant progress in positioning itself for durable, profitable growth. Specifically, the efforts to integrate the platform, the divestiture of the Government business, and the acquisitions of Stuzo and Task have all resulted in Par being a pure-play restaurant tech platform with reasonable scale, Jefferies adds. Importantly, the company is also inflecting to profitability. With scale achieved and momentum behind it, the firm sees better days ahead.