BofA raised the firm’s price target on Toast (TOST) to $40 from $35 and keeps a Neutral rating on the shares. Toast’s Q3 was “robust” and Q4 guidance was “also solidly ahead of estimates,” but SaaS ARPU growth remains “underwhelming” and the CFO suggested at December 4 conference appearance that FY25 margins could increase 100-200 basis points, below the Street at about 400 points, the analyst says.
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- Toast downgraded to Neutral from Buy at DA Davidson
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