Toast jumps after brokerages raise PT on Q4 revenue beat

Toast

16/02/2024 12:45

** Shares of restaurant software provider Toast  TOST.N  up
8.85% at $20.90 premarket
    ** TOST reports Q4 rev of $1.04 bln, slightly above LSEG
estimate of $1.02 bln
    ** Co announces restructuring plan, with layoffs impacting
~550 employees
    ** Several brokerages, including Morgan Stanley and
JPMorgan, raise PT 
     ** Morgan Stanley raises PT to $24 from $22, while JPMorgan
raises PT to $20 from $19
    ** We see ample growth for Toast and believe there could be
real upside to current valuation if Toast can maintain its
premium 30+% growth rates moving forward - JPM
    ** Of 23 analysts covering the stock, 10 have "buy" or
higher ratings, 12 have "hold" and 1 has "sell" ratings; median
PT is $21
    ** YTD, stock is up ~5.15%

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))