Toast Inc (NYSE:TOST) shares surged to a 52-week high of $45.88, marking a key milestone for the company. With an average daily trading volume of 7.22 million shares and a market capitalization of $25.91 billion, Toast has solidified its position as a major player in the tech sector. Over the past year, the stock has gained an impressive 79.82%, fueled by robust revenue growth of 26.72%, reflecting strong investor confidence and positive market sentiment about the company’s prospects.
Toast recently reported first-quarter results that surpassed expectations, including a 7% increase in Non-GAAP FinTech & Subscription gross profit and a 28% rise in adjusted EBITDA. These strong financials led the company to raise its guidance for the year.
In response, BMO Capital Markets raised its price target to $45, citing Toast’s solid execution and business momentum. Piper Sandler also lifted its target to $37, noting improved EBITDA margins and success in attracting large enterprise clients such as Topgolf and Applebee’s. Keefe, Bruyette & Woods increased their price target to $42, recognizing Toast’s resilience amid macroeconomic headwinds and steady consumer trends.
While DA Davidson maintained a neutral rating with a $40 price target, UBS continues to support Toast with a Buy rating and a $47 price target, emphasizing the company’s strong annual recurring revenue growth.
These upgrades and positive results highlight Toast’s strategic progress and potential for continued growth in the competitive tech industry.