PAR Technology (PAR) Advances Cloud-Native Strategy, Earning Analyst Confidence

PAR Technology Corporation (NYSE:PAR) is one of the best falling stocks to buy, according to Wall Street analysts. PAR Technology Corporation (NYSE:PAR) holds a Strong Buy consensus from 7 analysts, with 6 Buys and 1 Hold. The average price target is $56.40, ranging from $42 to $77, implying a 63.43% upside from the current $34.51.

PAR Technology (PAR) Advances Cloud-Native Strategy, Earning Analyst Confidence

On November 19, BTIG analyst Andrew Harte reaffirmed a Buy rating on Par Technology (PAR) and set a $60 price target. Earlier, on November 5 at the Stephens Annual Investment Conference, CEO Savneet Singh reiterated that the company is transitioning into a unified cloud-native platform for restaurants and convenience stores.

Amid the transition, the company is targeting mid-teens annual recurring revenue growth driven by its Operated Cloud Business. The company is also banking on a significant backlog to drive revenue growth amid a strong and refreshed pipeline.

Part of the strategy also entails accelerating the integration of artificial intelligence into products while enhancing back-office operations and customer engagement. PAR Technology is increasingly launching AI-powered SKUs, such as Coach AI, for back-office operations while developing AI solutions for loyalty program management.

The company is also prioritizing strategic partnerships with major US brands to enhance global deployments of its solutions. Erbert & Gerbert’s Sandwich Shop is the latest to select it to provide point-of-sale, payment processing, delivery loss recovery, and menu management solutions across its 80 locations.

PAR Technology Corporation (NYSE:PAR) is a company that provides technology solutions for the restaurant industry, offering a unified system that includes point-of-sale (POS), loyalty programs, ordering, payments, and operations software.

While we acknowledge the potential of PAR Technology Corporation (NYSE:PAR) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PAR and that has 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.