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Baird Upgrades Toast Inc. (TOST) to Outperform

November 10, 2023 1:53 AM
(Updated - November 10, 2023 3:56 AM EST)

Baird analyst David Koning upgraded Toast Inc. (NYSE: TOST) from Neutral to Outperform with a price target of $18.00.

The analyst comments "We like big market share gainers (Toast is one of the best companies/products on our list), we like restaurants, we like fintech, and we like Toast at 4x 2024E revenue. While the stock was a bit burnt to a crisp on Q3 earnings, we appreciate the strong growth profile. And how incremental EBITDA margins were the strongest we've seen...no empty calories here!! We could see adjusted EPS of ~$1 by 2027 if incremental margins sustain and adjusted revenue CAGR is ~22% over the next four years."

For an analyst ratings summary and ratings history on Toast Inc. click here. For more ratings news on Toast Inc. click here.

Shares of Toast Inc. closed at $13.92 yesterday.


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