Toast initiated with a Buy at Truist

Truist analyst Matthew Coad initiated coverage of Toast (TOST) with a Buy rating and $48 price target The analyst is a “long-term believer” as the firm expects Toast’s best-in-class product offering and differentiated distribution strategy to result in Toast becoming “the category killer within the restaurant POS software industry,” the analyst tells investors. However, the firm understands why some investors may be cautious in the short-term given Toast’s SMB and discretionary spend exposure, the analyst added.