Toast’s Applebee deal represents larger chain win, says DA Davidson

DA Davidson notes that Toast (TOST) has announced an agreement with Dine Brands (DIN), the parent company of Applebee’s Neighborhood Grill + Bar, to implement Toast technology at Applebee’s locations nationwide. While the win of Applebee’s is not necessarily meaningful to Toast’s base of 134k locations, it is an additional proof point on their ability to move up to larger chains and represents the largest chain win by Toast so far, the firm says. DA Davidson has a Neutral rating on Toast’s shares with a price target of $42.