Toast initiated with an In Line at Evercore ISI

Evercore ISI analyst Adam Frisch initiated coverage of Toast (TOST) with an In Line rating and $29 price target The company deserves credit for its market share in the small business restaurant space, but challenging near-term new location additions and average revenue per user deceleration “drives questions around the sustainability of a multiple that is still at a significant premium to the group,” the analyst tells investors in a research note.