Baird analyst David Koning says the firm has been “a bit surprised” at Toast’s (TOST) “explosive move,” as core metrics have continued to decelerate over the past year. The firm believes this is “a tremendous franchise” and worth a high multiple, but notes that TAM concerns remain. Baird points out that last November the stock was at about $14, and now is at $43-plus despite slower growth. The firm has a Neutral rating on the shares with a price target of $38.
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