Toast initiated with a Neutral at BTIG

BTIG analyst Andrew Harte initiated coverage of Toast with a Neutral rating and no price target. Toast is dominating the restaurant point-of-sale software and payments space, and will continue to do so for the next several years, the analyst tells investors in a research note. However, the firm believes Street expectations for near- and long-term location growth are “set sufficiently high.” It expects Toast’s average revenue per user growth to be more challenging than what is implied in the stock’s valuation.