Toast price target lowered to $14 from $16 at Mizuho

Mizuho lowered the firm’s price target on Toast to $14 from $16 and keeps a Neutral rating on the shares. The firm says the company’s Q3 saw many of its concerns come to fruition. Key highlights include moderating spend, location growth continuing to slow down, and software-as-a-service revenue per user lower for new go-live cohorts, the analyst tells investors in a research note. While management has yet to see the impact of Ozempic on results, the weight loss drug will be a 2025 negative catalyst, says Mizuho.