Par Technology price target lowered to $33 from $42 at Benchmark

Benchmark lowered the firm’s price target on Par Technology (PAR) to $33 from $42 and keeps a Buy rating on the shares. The announcement on Thursday after the market close that the company was issuing a new, dilutive tranche of convertible debt triggered a sharply negative reaction in the market, which appeared to reflect not only the increase in Par’s fully diluted share count due to the deal, but also investors’ confusion about the transaction’s timing, the analyst noted.