Toast price target lowered to $25 from $26 at JPMorgan

JPMorgan lowered the firm’s price target on Toast to $25 from $26 and keeps a Neutral rating on the shares. The company’s Q2 results were similar to Q1 in that it produced a quarterly record for net new locations and sizable outperformance in adjusted EBITDA, while absorbing low-single-digit declining gross payment volume per location, predominantly driven by softer same-store sales, the analyst tells investors in a research note. The firm says Toast is doing well to balance profitability with growth, and is seemingly growing through the macro better than most in the group, though this is reflected in the stock.