Par Technology: Strong Market Position and Growth Potential Justify Buy RatingWe recently hosted Savneet Singh (CEO) and Chris Byrnes (IR) for investor meetings during which several topics were covered including recent bookings trends, Tier-1 client opportunities, timing of customer roll-outs, and margin expansion prospects. We came away incrementally positive on PAR's multi-product strategy, which is resulting in PAR being in a strong position to land Tier-1 global chains while at the same time continuing to penetrate the installed base with additional solutions. Given these growth drivers, we see potential for ARR growth to re-accelerate to 20%+ by early FY26. With the stock trading at a reasonable EV/revenue multiple of ~3.5x our FY26 estimate, we see the risk-reward as compelling and reiterate our BUY rating with a $55 price target.