Toast price target lowered to $34 from $40 at UBS

UBS analyst Timothy Chiodo lowered the firm’s price target on Toast (TOST) to $34 from $40 and keeps a Buy rating on the shares. Toast reported strong Q1 results across key operating metrics, including higher-than-expected location additions, GPV growth, and SaaS annual recurring revenue per location, alongside improving payment take rates and continued strength in higher-growth segments like international, F&B retail, and enterprise, while also demonstrating meaningful progress toward profitability with expanding operating margins and rising EPS, the analyst tells investors in a research note.