Toast initiated with a Buy at Jefferies

Jefferies analyst Samad Samana initiated coverage of Toast with a Buy rating and $28 price target. The company has established itself as a leading tech platform on which restaurants can build and run their business, the analyst tells investors in a research note. While Toast’s growth has moderated, the absolute level “remains impressive” and its profitability should inflect positively in 2023, which will make the shares more appealing, says the firm.