RBC Capital analyst Daniel Perlin raised the firm’s price target on Toast to $23 from $19 and keeps a Sector Perform rating on the shares after its Q4 earnings beat. The company has “listened” to investors about generating “profitable growth”, but while international and enterprise expansion are key long-term drivers for Toast, SMBs still drive the bulk of the economics to the model, the analyst tells investors in a research note. RBC adds that multiple levers exist for the company to drive overall average revenue per user over time.
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