Toast price target raised to $25 from $23 at Wells Fargo

Wells Fargo analyst Andrew Bauch raised the firm’s price target on Toast (TOST) to $25 from $23 and keeps an Underweight rating on the shares. While Wells was initially impressed with the company’s beat and raise Q3 earnings report, the firm noted that the results and raised guidance were boosted by “one time benefits, pricing, and Toast Capital,” and Wells believes the move higher could potentially fade as investors unpack the quarter. Overall, the analyst still sees risk/reward “skewed to the downside.”