Toast downgraded to Neutral from Outperform at Baird

Baird analyst David Koning downgraded Toast to Neutral from Outperform with a price target of $24, down from $26. The analyst sees a "pretty balanced" risk/reward profile after the stock’s year-to-date rally. The company’s total addressable market penetration has been strong, but its growth could slow as it already may have 10% of the locations within its market, the analyst tells investors in a research note.