Toast price target raised to $32 from $27 at DA Davidson

DA Davidson raised the firm’s price target on Toast to $32 from $27 and keeps a Buy rating on the shares. The company reported a robust set of Q1 results with total revenue advancing 31% Y/Y and adjusted EBITDA coming in 214% above the firm’s forecast, the analyst tells investors in a research note. Toast’s impressive net cash position gives the management the flexibility to continue to invest in the business and repurchase shares while also pursuing complementary acquisitions, the firm added.