Toast price target lowered to $28 from $30 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Toast (TOST) to $28 from $30 and keeps an Overweight rating on the shares. Concerns over the consumer outlook have mounted heading into Q3 results, raising the question if the risk to numbers is fully priced into Vertical Software stocks, the analyst tells investors. The firm, which acknowledges the potential risk to calendar 2024 results, tweaks its Toast and Lightspeed (LSPD) GPV estimates lower to reflect a weaker consumer.