Papa John’s Par Technology deal a slice of success but underwhelming, says BTIG

BTIG keeps a Buy rating and $60 price target on Par Technology (PAR). The selection of the company to anchor in-restaurant technology stack by Papa John’s (PZZA) represents another solid “feather in the cap” for Par and should bolster investor confidence that it is the premiere enterprise restaurant tech solution, the analyst tells investors in a research note. The firm adds however that a $14M annual recurring revenue is “underwhelming” and “lower than expected”, even though there is “opportunity to expand the relationship”.