Keefe Bruyette initiated coverage of Toast with a Market Perform rating and $25 price target. About 10%-12% of U.S. restaurants currently utilize Toast products, and by virtue of being specialized only in the restaurant vertical, the company has one of the deepest and most innovative technology platforms for restaurants in the industry, the analyst tells investors in a research note. Keefe Bruyette adds that it views Toast as being well positioned to continue to gain share in the U.S., though it also sees that favorable positioning being priced in.
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