Toast price target lowered to $22 from $24 at Baird

Baird lowered the firm’s price target on Toast to $22 from $24 and keeps a Neutral rating on the shares. The firm previewed Q3 results and expects revenue and adjusted EBITDA to beat Street, though the Street already assumes strong execution. Baird aslo sees the risk/reward as balanced/slightly negative; and they would likely view $16 as more compelling.