Toast price target lowered to $35 from $45 at Jefferies

Jefferies lowered the firm’s price target on Toast (TOST) to $35 from $45 and keeps a Buy rating on the shares. FY26 recurring gross payment growth guidance of 21% was 70 basis points shy of consensus, and EBITDA met despite a 150 point hardware headwind and ramping product and go to market investments, the analyst noted. However, the firm adds that it came away from the report positive, as “growth drivers appear to be humming and its relative insulation to AI risk should support the valuation.”