In a report released today, Mayank Tandon from Needham reiterated a Buy rating on Toast Inc, with a price target of $60.00.
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Mayank Tandon’s rating is based on Toast Inc’s strong performance in the third quarter, which exceeded expectations due to increased recurring revenue and improved operational efficiency. The company has also raised its guidance for fiscal year 2025, reflecting a positive outlook for the fourth quarter driven by robust sales momentum.
Additionally, Toast Inc’s expansion efforts are noteworthy, as it added 7,500 net new locations in the third quarter, including high-profile clients like Nordstrom’s, TGI Friday’s, and Everbowl. The company’s strategy to introduce new products and enter new markets, both internationally and within the enterprise segment, is expected to drive significant growth and profitability improvements in the coming years. These factors collectively underpin the Buy rating and a price target of $60.
According to TipRanks, Tandon is an analyst with an average return of -2.7% and a 38.63% success rate. Tandon covers the Technology sector, focusing on stocks such as Guidewire, NCR Voyix, and Grid Dynamics Holdings.
In another report released today, Mizuho Securities also reiterated a Buy rating on the stock with a $57.00 price target.