转型为纯食品服务提供商后，PARTechnology升级：Jefferies

PAR Technology (NYSE:PAR) was upgraded to Buy from Hold by Jefferies as it has transitioned to a pure-play, point-of-sale software and hardware provider for food service businesses.

PAR shares were up 5% during pre-market trading on Monday. 

"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," said Jefferies analysts Samad Samana and Jeremy Sahler, in a note. "Importantly, the company is also inflecting to profitability. With scale achieved and momentum behind it, we see better days ahead."

PAR released its second quarter 2024 financial results last Thursday. Although revenue and earnings per share came in less than consensus estimates, the New Hartford, N.Y.-based company still reported significant year-over-year gains.   

It also completed its acquisition of TASK, an Australia-based global food service transaction platform.

The company also acquired Philadelphia-based Stuzo, which offers a loyalty engagement platform utilized by convenience stores and gas stations. It is intended to make PAR a more vertically integrated software company.

"2024 is an important year for PAR and an inflection point for our Company," said PAR CEO Savneet Singh. "By acquiring Stuzo, and TASK, we have enhanced our position as a leading provider of cloud-based technology solutions to enterprise foodservice organizations across the globe."