Evercore ISI upgraded Toast (TOST) to Outperform from In Line with a $40 price target With EV/EBITDA down 44% off August highs and now discounting slower near-term U.S. adds, the firm notes its thesis remains unchanged. It thinks 2026 will be “a bit of a transition year with still solid results,” adding that its recent field checks show continued strong competitive position and operating leverage inherent in the model. The upgrade is “not a call on the quarter” as the firm actually thinks it will be more mixed than in the past, but “we could be early if” Q4 results disappoint, the analyst added.
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