DA Davidson analyst Christoper Brendler lowered the firm’s price target on Toast to $25 from $27 but keeps a Buy rating on the shares. The company’s Q4 results and 2023 guide weren’t quite as impressive as had hoped, but its business continues to exhibit strong momentum with ARR beating and product penetration growing rapidly, the analyst tells investors in a research note. The firm adds that it would have referred a smaller impact from Toast’s Capital business on the quarter, but it also remains "confident" in the underwriting given Toast’s advantaged dataset and capital-light approach.
Published first on TheFly
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