Toast slides after lowering upper range of FY rev forecast

Toast

08/11/2023 11:57

** Shares of restaurant software firm Toast  TOST.N  slump
19.7% to $13.85 premarket
    ** Co revises upper end of FY rev outlook; forecasts $3.83
bln-$3.86 bln from prior $3.81 bln-$3.87 bln, midpoint slightly
below estimates - LSEG data
    ** Expects Q4 rev in range of $1 bln-$1.03 bln, midpoint
lower than est. $1.02 bln - LSEG data
    ** TOST's Q3 rev of $1.03 bln, however, beats est - LSEG
data
    ** At least 6 brokerages have cut PT post Q3 results; median
PT at $25
    ** Out of 22 brokerages tracking stock, 10 rate "buy" or
higher, 11 "hold" and one "sell'
    ** TOST shares down over 4% YTD through last close

 (Reporting by Ankika Biswas in Bengaluru)