Toast Inc (TOST – Research Report), 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 $50.00 price target.
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Mayank Tandon has given his Buy rating due to a combination of factors including Toast Inc’s robust fourth-quarter performance, which exceeded expectations and demonstrated strong sales momentum. The company is expanding its market share in the US restaurant sector with significant new location additions and is also gaining traction in emerging verticals and international markets, while simultaneously improving its profit margins.
Moreover, Toast Inc has recently secured agreements with notable enterprises such as Ascent Hospitality, which will see its solutions implemented in hundreds of locations. This success in advancing into larger market segments highlights the company’s growth potential. Considering the substantial and underserved total addressable market, Tandon believes there is potential for the stock to appreciate further, justifying the Buy rating with a price target of $50.
According to TipRanks, Tandon is a 3-star analyst with an average return of 2.2% and a 44.33% success rate. Tandon covers the Technology sector, focusing on stocks such as Euronet Worldwide, Par Technology, and nCino.
In another report released yesterday, Jefferies also maintained a Buy rating on the stock with a $48.00 price target.