BofA Securities Reiterates Neutral Rating on Toast Inc. (TOST)
BofA Securities analyst Jason Kupferberg reiterated a Neutral rating and $28.00 price target on Toast Inc. (NYSE: TOST)
The analyst comments "TOST updated its TAM to 1.4M locations, including 875k from US restaurants, 280k from UK/CAN/Ireland, and 220k from US F&B retail (new). TOST’s 112k live locations include 110k in the US (~13% of US restaurant TAM), ~2k in UK/CAN/Ireland, and ~1k in US F&B retail. The newly announced US F&B retail vertical has an estimated annual GMV of $660B and primarily includes SMB convenience stores, independent grocery, and bottle shops. Currently, 0.5% of US GDP (out of an estimated ~$1T in annual US restaurant sales or ~4% of US GDP) flows through TOST."
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Shares of Toast Inc. closed at $23.63 yesterday.