Toast price target raised to $54 from $50 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Toast (TOST) to $54 from $50 and keeps an Overweight rating on the shares. Even though Toast “served a tasty Q2 meal,” demonstrating strong execution, momentum, outperformance to guidance and consensus and “a unique level of profitable growth,” reviews “may be mixed” given that investor expectations crept higher as shares had advanced by greater than 30% in the three months heading into results, the analyst says in an earnings recap note.