Toast price target raised to $20 from $18 at Piper Sandler

Piper Sandler raised the firm’s price target on Toast to $20 from $18 and keeps a Neutral rating on the shares. Toast reported healthy Q4 results above consensus across revenue, gross margin, EBITDA margin, and gross payment volume that were overshadowed by accelerated profitability ambitions, the analyst tells investors in a research note. Toast is making encouraging steps towards building operating efficiency and retaining a strong growth profile, but structural growth concerns are still an overhang, the firm says.