Piper Sandler raised the firm’s price target on Toast (TOST) to $37 from $35 and keeps a Neutral rating on the shares. With only one quarter under the belt in FY25, Toast raised FY25 EBITDA margin expectations by another 120bps to an expected 450bps of expansion year-over-year, the firm notes. This puts full year 2025 EBITDA growing 47% year-over-year with margins at about 31%, extending beyond the low end of the medium-term target range.
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