The bank upgraded shares to buy from neutral in a Wednesday note.
It also raised its price target to $30 from $25, implying 38% upside potential from Tuesday's close. Analyst Rayna Kumar cited improved potential for quarterly net new location additions, in addition to margin expansion. "Toast remains well-positioned to capture the restaurant industry's ongoing shift from legacy technology to omni-channel, integrated software solutions," Kumar said.
" Kumar forecasts Toast's investments to lead to more than a 30% rise in gross profit growth over the next two years. A positive macro backdrop also is improving the restaurant industry's near-term growth prospects, she added, which could further boost Toast's outlook. "With shares trading at just ~0.
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