Toast initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Toast (TOST) with an Overweight rating and $47 price target The analyst, who started coverage on 20 stocks in the Payments, Processors & IT Services sector, dubs the firm’s five Overweight-rated payments stocks the “Fab 5 of Fintech.” The Payments space has suffered from rotation to AI-centric stocks, as well as multiple instances of subpar execution by various companies, but the firm thinks “too many stocks have been painted with the same brush,” the analyst tells investors.