How Analysts View Toast?

Multiple analysts initiated coverage on Toast Inc TOST with a mixed opinion regarding the stock's prospects.
Toast is a cloud-based, end-to-end technology platform catering to the entire restaurant community.
Goldman Sachs analyst Will Nance initiated coverage with a Neutral rating and a $52 price target, implying a 7.7% downside.
Nance believes Toast offers a "best-in-class" restaurant management software and payments platform and expects the company to continue to take share.
However, he believes the current valuation already reflects the company's "compelling" growth profile over the medium term.
KeyBanc analyst Josh Beck initiated coverage with an Overweight rating and a price target of $65, implying a 15.4% upside.
Piper Sandler analyst initiated coverage with an Overweight rating and a price target of $63, implying an 11.9% upside.
Mizuho analyst Dan Dolev initiated coverage with a Neutral rating and a $43 price target, implying a 23.6% downside.
Dolev is concerned about the "specter of take-rate pressure," the company's "limited" total addressable market, and "more muted" average revenue per user upside, particularly given the stock's "high" valuation.
Needham analyst Mayank Tandon initiated coverage on Toast with a Buy rating and a price target of $70, suggesting a 24.3% upside.
JP Morgan initiated coverage on Toast with a Neutral rating and a price target of $57, implying a 1.23% upside.
Price Action: TOST shares closed higher by 3.27% at $56.21 on Friday.

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