Toast downgraded to Neutral from Outperform at Baird

Baird analyst David Koning downgraded Toast to Neutral from Outperform with an unchanged price target of $28. The analyst continues to “love the story,” saying Toast is the fastest grower in the group. However, following the stock’s big run in recent months, the risk/reward is balanced, the analyst tells investors in a research note. Baird continues to expect Toast’s strong location growth to continue with some yield expansion.