Toast initiated with Outperform on location expansion at Wedbush

Wedbush initiated coverage of Toast with an Outperform rating and $30 price target. Given Toast’s “robust” location expansion in the U.S. as well as nascent overseas success and recent improvements in operating and financial metrics, the company is well positioned to post 30% year-over-year gross profit and adjusted EBITDA growth in 2024 and 2025, respectively, the analyst tells investors in a research note. By enabling capabilities through a single, integrated platform, Toast improves the experiences across the restaurant ecosystem, says Wedbush.