BMO Capital has initiated coverage on Toast, a restaurant technology company, with an “outperform” rating and a price target of $28. This target suggests a potential 27% increase from the stock’s closing price of $22.05 on the day prior to the announcement. The firm’s analysis highlights Toast’s robust growth, with a 35% year-over-year revenue increase in the third quarter, reaching $752 million. Despite this growth, Toast reported a net loss of $31 million, or 6 cents per share, for the same period. However, the company’s adjusted EBITDA was positive at $35 million, indicating operational improvements. The stock has experienced significant volatility, dropping 15% in the last month but still up 12% year-to-date.
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