Toast price target raised to $17 from $15 at Wells Fargo

Wells Fargo analyst Andrew Bauch raised the firm’s price target on Toast to $17 from $15 and keeps an Underweight rating on the shares. The firm says despite what it viewed as a disappointing 2024 guidance delivered when the company reported Q4 results, the shares continue to grind higher. Toast’s lower growth expectations are increasingly perceived as “conservative,” the analyst tells investors in a research note. However, Wells believes Toast’s multiple “appears full.”