Toast price target raised to $48 from $43 at Canaccord

Canaccord raised the firm’s price target on Toast (TOST) to $48 from $43 and keeps a Buy rating on the shares. The firm said they posted upside Q4 results, capping off an exceptional year in which the firm grew ARR by 33% and expanded EBITDA margins by more than 20 points year-over-year. Canaccord said Toast’s location growth clearly shows that the firm is taking share in the space, and with only 15% of the domestic market today this is a penetration rate that can at least double in the coming years.