Toast upgraded to Overweight from Underweight at Wells Fargo

Wells Fargo double upgraded Toast (TOST) to Overweight from Underweight with a price target of $39, up from $30. The stock’s valuation now underappreciates the company’s medium term growth opportunities in enterprise, international, and food and beverage retail, the analyst tells investors in a research note. The firm believes Toast’s “defensiveness” should stand out in the current macro backdrop. The company’s “resiliency” warrants great appreciation, contends Wells.