The fact that Morgans cited this in their research report as...

The fact that Morgans cited this in their research report as justification to re-evaluate their price target for PAR just goes to show what they truly know and the level of expertise of the staff they have working on the PAR question. I've seen some quality reports come out from Morgans for other companies, but their coverage of PAR seems to be consistent with the low-level arguments from some HC posters who continually attempt to misinform other posters.

A very wise CEO once told me obtaining patent protection from USPTO is like horse trading: you want to find out the stance of the USPTO before playing your own hand. The more recent update shows PAR exactly where the USPTO stands and exactly what PAR needs to do to overcome their objections. As I mentioned yesterday, PAR can overcome these objections by highlighting the durability associated with iPPS which can be used to overcome the "obviousness" argument. Expect PAR to arrange a phone call in the next month or two with the patent examiner and expect them to replace the final rejection with a non-final rejection.

All in my opinion of course.