Toast price target lowered to $36 from $47 at Wells Fargo

Wells Fargo lowered the firm’s price target on Toast (TOST) to $36 from $47 and keeps an Overweight rating on the shares. The firm believes shares deserve better than the after-hours reaction. Midpoint of initial 2026 GP guide was 1% below Street, but Toast’s track record suggests significant conservatism, Wells argues. Management provided a very cogent view that AI is a tailwind not a headwind.