Toast initiated with a Hold at Deutsche Bank

Deutsche Bank analyst Bryan Keane initiated coverage of Toast with a Hold rating and $20 price target. The company is "uniquely positioned" to capture additional market share in the restaurant vertical given its combination of vertical-specific software and payment offerings with new financial services products like Toast Capital, the analyst tells investors in a research note. However, in fiscal 2023, the firm expects slower growth rates and tougher compares for the company as it anniversaries the pandemic re-opening. It also sees potential macro headwinds during the year.