DA Davidson analyst Peter Heckmann raised the firm’s price target on Toast (TOST) to $42 from $38 and keeps a Neutral rating on the shares after the company reported Q4 results. Following the update, the firm modestly fine-tuned its 2025 and 2026 forecasts for total revenue and adjusted FinTech and Subscription gross profit, but raised its adjusted EBITDA forecasts by an average of 5% each. The increased price target on the shares represents an enterprise value of 35x the firm’s updated 2026 adjusted EBITDA forecast of $697M, the analyst tells investors in a research note.
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