Toast Inc, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Mayank Tandon from Needham reiterated a Buy rating on the stock and has a $60.00 price target.
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Mayank Tandon has given his Buy rating due to a combination of factors that highlight Toast Inc’s strong performance and growth potential. The company reported impressive second-quarter results that surpassed expectations and provided optimistic guidance for the third quarter, along with an improved outlook for the fiscal year 2025. Toast Inc is expanding its market share in the U.S. restaurant sector, adding a significant number of new locations.
Moreover, Toast is making strides in new markets, including its first restaurant launch in Australia, and has formed a strategic partnership with American Express to enhance its app offerings. The company’s recent client acquisitions and technological innovations, such as the launch of Toast Go 3, are expected to drive long-term market share growth. These factors collectively reinforce the Buy rating, as they demonstrate Toast’s ability to capitalize on market opportunities and sustain its growth trajectory.
In another report released today, Canaccord Genuity also maintained a Buy rating on the stock with a $54.00 price target.
Based on the recent corporate insider activity of 131 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TOST in relation to earlier this year.