Toast Inc. (TOST) PT Raised to $19 at Wells Fargo

Wells Fargo analyst Jeff Cantwell raised the price target on Toast Inc. (NYSE: TOST) to $19.00 (from $17.00) while maintaining a Underweight rating.

The analyst comments "Given the beat and raise, Street expects will inevitably tick higher and reset the valuation floor above our PT. We note that the outperformance (+30% YTD vs. S&P +9% and +4% AMC) has driven a 2x and 6x increase on '25 GP and adj. EBITDA multiples; respectively. That said, we believe this quarter left many bulls less than satisfied and bears with a new thesis to chew on. We reiterate our UW rating but raise our PT from $17 to $19, based on 7x our '25 GP of $1.49B (~31x our EBITDA of $323mm)."

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