Toast initiated with a Buy at Citi

Citi initiated coverage of Toast (TOST) with a Buy rating and $51 price target Despite “material market share advances” over the past number of years, the firm sees “plenty of sustainable growth left” for Toast to have 20%-plus growth rates going forward, the analyst tells investors. The firm also think that the fintech take rate should be able to rise due to strong pricing power, which should flow to margins.