Toast price target lowered to $21 from $24 at Baird

Baird analyst David Koning lowered the firm’s price target on Toast to $21 from $24 and keeps a Neutral rating on the shares. The analyst said we expect Q1 revenue and adjusted EBITDA to beat top end of guidance; 2023 EPS likely ends up positive, yet we view risk/reward as generally balanced, as we worry about eventual slowing of consumer restaurant spending/inflation benefits.