Toast price target raised to $44 from $35 at DA Davidson

DA Davidson raised the firm’s price target on Toast (TOST) to $44 from $35 and keeps a Buy rating on the shares. The company’s Q3 results topped expectations, with total revenue coming 2% ahead of the firm’s forecast and adjusted EBITDA 51% above its forecast and 44% above consensus, the analyst tells investors in a research note. DA Davidson is also raising its FY24 adjusted EBITDA view on Toast to $358.3M from $300.5M and FY25 view to $547.8M from $466.7M, the firm adds.