Par Technology price target lowered to $25 from $30 at Needham

Needham lowered the firm’s price target on Par Technology (PAR) to $25 from $30 and keeps a Buy rating on the shares after meeting with its management team to discuss tier 1 client opportunities, timing of customer rollouts, AI Initiatives and margin expansion prospects. The firm has come away incrementally positive on Par Technologies’ ability to re-accelerate annual recurring revenue growth, expand margins on the back of AI initiatives, and sign additional tier one customers, though it also reduces its price target to reflect the recent software multiple compression, the analyst tells investors in a research note.